The three offerings push the first-quarter volume of subprime auto loan asset-backeds past $5 billion, an indication of unwavering demand for the risky asset class.
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The performance of outstanding transactions issued via the Capital Auto Receivables Trust platform is weakening, so rating agencies are demanding additional investor protections.
March 8
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The pool of 41 mid-life aircraft backing Sapphire I has a weighted average age of 12 years and is "largely liquid," according to Fitch Ratings, and there does not appear to be any sort of negative asset selection.
March 8
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Discover's master trust is issuing $800 million in its first deal since October; Scotiabank has priced US$600 million in card receivables in its first cardholder account securitization in two years.
March 8
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Credit enhancement on the senior notes has risen to 36.25% from 28.7% to account for higher expected losses on the collateral; Kroll's base-case range is for 6.75% to 8.75% over the life of the deal.
March 8
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It's the busiest start to the year, post-financial crisis, for collateralized loan obligations, according to Thomson Reuters, and nearly 60% higher than the pace set in the first two months of 2017.
March 7
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Moody's thinks that the risk of early lease terminations is "marginal," since only 0.5% of the vehicles in the collateral pool are old enough to be impacted by bans in place in several European cities.
March 7
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The success of the government-sponsored enterprises' credit risk transfer programs shows that they can be the basis for housing finance reform.
March 7
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Previously, the rating agencies had capped their ratings at double-A, primarily due to CommonBond’s short operating history; it has only been making loans to borrowers with advanced degrees since 2013.
March 7
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Allstate Investment Management's latest collateralized loan portfolio includes a five-year-plus reinvestment period, and some added leeway on credit metrics and performance tests.
March 6
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The Education Department reportedly has plans to shield student loan servicers from state regulators, but the Conference of State Banking Supervisors isn't ready to cede its authority.
March 6
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The New York State Energy Research and Development Authority is marketing its fifth transaction financing local residential solar-panel installations; all of the notes carry an A rating from Kroll.
March 6
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Citigroup plans to launch an online bank that will be marketed nationally. It is one of several large companies with an online bank or niche platform in operation or on the drawing board.
March 6
