Forget the swaps pushout; structured finance professionals are much more concerned about a proposal that would require ABS vehicles to post variation margin basically additional cash everyday on the swaps they tend to engage in.
The class A1, floating rate notes priced at 120 basis points over one month Libor and the class A2, floating rate notes priced at swaps plus 125 basis points.
The notes are backed by a revolving pool of dealer floorplan receivables originated from credit lines made by Nissan to retail automotive dealers selling Nissan and Infiniti brand vehicles.
The 2015-1 deal will offer $540 million of AA-rated notes, $75 million of A-rated notes, $44 million of BBB-rated notes and $79 million of BB-rated notes. All the securities due March 2026.
Ally Financial priced $1.25 billion of bonds backed by subprime auto loans, according to a regulatory filing.
Regulation AB governs registration, reporting and disclosure requirements for all things asset-backed. The Securities and Exchange Commission appears to be ready to update it significantly, but, nearly four years after changes were originally proposed, its not clear exactly what the Commission will do.
The swelling trillion-dollar student loan market is missing key data and regulations necessary to head off another financial crisis, according to Rohit Chopra, the Consumer Financial Protection Bureaus top official in charge of dealing with student loans.
The proposal would introduce dissemination of trade prices for securities ranging from highly liquid credit card and auto ABS to smaller and more esoteric deals in asset classes such as time shares, to commercial mortgage-backed securities (CMBS) and highly structured CDOs and collateralized loan obligations.
Overall issuance growth will moderate in 2014, Fitch Ratings' managing director for asset backed securities says in the firm's outlook.
Direct exposure to either J.C. Penney or Sears is typically highest in seasoned deals where there are only a small number of loans remaining, and one is secured by a retail property.
Vice President of Regulatory Compliance
Firm: Clayton Holdings
In the news: How Ability-to-Repay Rules Could Reshape RMBS Market
The $300 billion of CMBS maturing over the next three years will test the recovery of the capital markets.Current Issue