Gabriel Castagna

A higher proportion of borrowers have a “spotty pay history,” and the loans are more geographically concentrated than recent deals, but this is somewhat mitigated by higher borrower equity, says Fitch Ratings.

The transaction, PFS Financing Corp. 2017-B, consists of a $282 million senior tranche provisionally rated triple-A, and an $18 million unrated subordinate tranche. Both tranches have legal, final maturities in July of 2022.

As of March 31, the early-stage delinquency rate was just 2.5% of total all private student loans, according to MeasureOne, up five basis points from the same point in 2016.

The senior tranche of triple-A rated notes to be issued benefits from 38.65% credit enhancement, up over 10 percentage points from 27.25% for the comparable tranche of the sponsor's previous deal.

The senior, triple-A rated tranche of notes to be issued benefits from 38.65% credit enhancement; that's up over 10 percentage points from 27.25% for the comparable tranche of the sponsor's previous deal.

Nelnet's offering is backed by federally guaranteed loans; Darien Rowayton Bank's is backed by private loans refinancing the debt of borrowers with prestigious degrees and high incomes.

Barclays Bank and American Express are offering a combined $1.19 billion of bonds backed by credit card receivables, according to rating agency presale reports.

Loans with terms between 73 months and 75 months comprise 15.6% of the collateral for DRIVE Auto Receivables Trust 2017-2, up from 0.5% in 2017-1; yet Moody's Investors Service is holding its loss expectations stable.

The collateral has the highest concentration of longer-term loans of any Toyota deal to date: 42.6%; that's up 3.7 percentage point from the sponsor's previous deal.

Fitch Ratings expects net losses to reach 1.45% over the life of the deal, down from prior deals, thanks to the introduction of a selection criteria that stipulates a minimum FICO score of 650.

Structural features, not present in the sponsor's previous securitization, completed in 2012, allowed it to obtain a credit rating for the the senior and subordinate tranches.

The Series 2017-F1 transaction is secured by receivables from CAN$1.78b in dealer advances; the senior tranche of notes earned triple-A from both Moody's and DBRS.

Both offerings are backed primarily by leases on agricultural equipment, but Kubotah's has a much higher percentage of leases on new equipment.

Moody’s expects cumulative net losses of 0.55% of the collateral, while Fitch takes a more conservative view; it expects net losses to reach 1% due to a deterioration in the construction equipment sector.

Morreale was previously a managing director and associate general counsel in the mortgage and legal group at Goldman Sachs, where he provided legal counsel for businesses across a range of asset-backed securities

The liquidation of Veneto Banca and Banca Popolare puts increasing pressure on other banks in the Eurozone to reduce their holdings of bad loans, according to Fitch Ratings; it remains to be seen whether securitization will play a significant role.

College Ave, founded by two former Sallie Mae executives, makes both in-school and refinance loans; borrowers have the option of making payments before they graduate

Credit enhancement on the senior notes has been increased to account for a decline in residual values of some models of cars.

The lender increased credit enhancement for the subordinate tranches of Springleaf Funding Trust 2017-A to offset lower FICOs and larger balances.

The bonds were privately placed with a group of investors led by CIT Group; CohnReznick Capital served as advisor for the transaction