Consumer ABS

Nelnet’s first federally guaranteed student loan securitization in almost a year is backed primarily by consolidation loans.

Prosper Marketplace’s first new unsecured consumer loan securitization of 2017 has an unusual selling point: a collateral pool of higher-risk loans that it nonetheless believes will improve on recent rising default rates.

The Federal Deposit Insurance Corp. has so far managed to stay out of the growing battle over how the U.S. fintech sector should be regulated, but that appears likely to end as one of the nation’s largest online lenders announced plans to apply for a specialty banking charter soon.

S&P and DBRS have diverged on rating the senior notes in a $175.26 million securitization of private student-loan refinancings from Earnest Operations. Also, Comenity Bank has a new private-label card transaction through its World Financial master trust.

Barclays’ U.S. credit card master trust is issuing $632.9 million in new notes backed by a revolving pool of primarily co-branded card receivables.

Ally Bank is marketing another $1 billion auto loan securitization, its third of the year.

Palmer Square refinances 2013 CLO, cutting spread on AAA-rated tranche to below 100 basis points; Dryden refinances 2014 European CLO: Five Guys cooking up $440M Whole Business securitization.

Borrowers have had an uphill battle maintain a class action against student loan servicers; this could change as a result of the Trump administration’s efforts to dismantle the CFPB.

Social Finance’s new $530 million consumer loan securitization, it’s third of the year, is the first to earn a double-A, from both Kroll Bond Rating Agency and S&P Global Ratings.

BMW Bank Gmbh will sell Euro bonds through the Bavarian Sky S.A., Compartment German Auto Loans 6 trust, which includes a €744 million, seven-year Class A note tranche that S&P is rating AAA.