Commercial lending

Deals, trends and research in structured finance and asset-backed securities for the week of April 30-May 6

Goeasy would join the likes of Canadian non-prime lender Fairstone Financial Inc., which sold its inaugural ABS transaction in 2019. Also that year, Home Capital Group Inc. priced the first deal pooling non-prime Canadian home loans since 2007.

Defaults and delinquencies are below pre-pandemic levels for online consumer loans held in securitization pools, but Fitch is concerned normalization may be shortlived as expanded unemployment benefits and other stimulus support programs draw to a close.

The difference between yields on investment-grade debt and junk bonds doesn’t bode well. It’s a sign that leverage in the system is rising.

Deals, trends and research in structured finance and asset-backed securities for the week of April 23-29

Citigroup said a full review conducted after the lender mistakenly sent $900 million to a group of investment firms concluded the bank didn’t need to claw back any pay from executives.

The subprime consumer lender will also collateralize loans from its newly launched secured-loan platform in its second securitization of 2021.

Both agencies cited the increasingly sunny economic outlook driven by the reach of COVID-19 vaccination efforts.

Strong growth, continued low-cost borrowing and an oil rally are all contributing to a friendly backdrop for high-yield issuance.

OnDeck Asset Securitization Trust III comes to market for its fifth term securitization.