Consumer ABS


Consumer Deleveraging Comes to an End: N.Y. Fed Report

Consumers slashed their debt and became less reliant on credit to make ends meet in the years following the financial crisis, but that trend is over, according a report released Tuesday by the Federal Reserve Bank of New York.

Fitch: ECB’s Cap Relief Impact Higher in Mezzanine

If the ECB wants to provide more capital relief to Eurozone banks through its securitization-buying scheme than they would get by holding on to their assets, it will have to snap up mezzanine tranches as well, according to Fitch.

Navient Prices Upsized $1B FFELP Student Loan ABS

NAVSL 2014-8 began marketing last week and was upsized by $258 million on investor demand; the 6.3- year senior bond priced at a spread of 60 basis points over one-month Libor.

Santander Latest Subprime Auto Prices Wider

The one-year, fixed-rate and floating-rate senior bonds priced at a spread of 40 basis points over the EDSF and 40 basis points over one-month Libor, respectively; that's 8 basis points wider than equivalent tranches of the issuer's September transaction.

Chase Readies $500M of 2-Year Credit Card ABS

The single tranche of series 2014-8 Class A notes have a scheduled principal payment date of November 2016 and a legal final maturity of November 2018. They will pay a floating rate of interest pegged to one-month Libor.



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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Catastrophe Bonds Taking on New Perils

Investors in catastrophe bonds are broadening their exposure by taking on multiple perils and increasing the time period during which claims can be included in coverage. Often they are doing so without any additional compensation.

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