Consumer ABS


The Swaps Rule Keeping ABS Professionals Up at Night

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.

SoFi Prices Fourth Student Loan ABS

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.

Nissan Sizes Dealer Floorplan ABS at $500M

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.

OneMain Plans $738M Personal Loan Securitization

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 Prices $1.25B of Suprime Auto ABS

Ally Financial priced $1.25 billion of bonds backed by subprime auto loans, according to a regulatory filing.



Reg AB II Returns from Limbo

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, it’s not clear exactly what the Commission will do.

Student Loan Market Headed for Crisis, CFPB Warns

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 Bureau’s top official in charge of dealing with student loans.

Finra Files Proposal to Disseminate Price Data

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.

Fitch: External Factors Biggest Threat in 2014

Overall issuance growth will moderate in 2014, Fitch Ratings' managing director for asset backed securities says in the firm's outlook.

How Big Box Bankruptcies Would Impact CMBS

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.


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Coming Due: How CMBS Market Will Handle $300B Maturing 2015-2017

The $300 billion of CMBS maturing over the next three years will test the recovery of the capital markets.

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