Consumer ABS

Online lender Social Finance, or SoFi, found a ready market for its inaugural rated offering of bonds backed by unsecured consumer loans.

Navient’s next student loan securitization is backed entirely by federally guaranteed loans to borrowers who were once in arrears but are now making timely payments.

Bond rating agency DBRS has assigned provisional ratings to an asset-backed vehicle comprised of €1.2 billion of consumer personal and mortgage loans originated by Spanish bank Caixabank.

Hunting and fishing equipment retail chain Cabela’s is planning a $425 million credit-card receivables securitization, as it also explores a sale of the company and/or its credit-card operations.

Oportun Financial Corp., formerly Progreso Financiero Holdings, is offering $102.9 million in Class A notes and $22.07 million in Class B notes. The deal is rated by Kroll Bond Rating Agency.

Weakening credit quality and falling prices on used-car values will cause some deterioration in existing auto asset-backed portfolios this summer, predicts Fitch Ratings.

Sierra Auto Finance, a subprime auto lender founded by a former executive of Exeter Finance, is making its debut in the securitization market.

Ford Motor Credit has launched an offering of $810 million of securities backed by prime retail auto loans.

Mortgage lenders, debt collectors and credit card companies have borne the brunt of the Consumer Financial Protection Bureau's public enforcement actions over the past four years, yet banks have paid the most in penalties and restitution, according to a new study released by an agency insider.