Consumer ABS

Securitized subprime auto loan losses surged 27% on an annualized basis August, putting the sector on a path to approach post-crisis record loss levels by year’s end.

Sallie Mae is marketing its third offering of the year of bonds backed by private student loans.

BMW is adding another $1 billion to the mix of auto-related securitizations in the new issue market.

Santander Drive Auto Receivables Trust (SDART) 2016-3 consists of $1.178 billion in new and used vehicle loans originated or acquired by Santander Consumer USA, with a potential upsizing in the works. Exeter's third deal of the year is sized at $450 million in notes, backed by $471.2 million in subprime loans.

The Wall Street firm believes that its gold-plated brand will help attract middle-class borrowers.

Toyota Motor Credit is marketing another $1.25 billion of bonds backed by retail auto loans.

The new deal structured by the General Motors Financial Co. subsidiary includes more loans to borrowers with 600-plus FICO scores as well as to those populating the higher end of AmeriCredit’s internal scoring tables. AMCAR also features slightly fewer loans over 60 months, and a higher weighted average APR.

Marketplace lenders' share of the consumer and small-business loan markets is small now, but is expected to grow substantially in the coming years. Banks looking to get in on the action have two choices: team up with these established players that have already perfected the technology or try to beat them at their own game

Conn’s Receivables Funding 2016-B is comprised of three tranches of notes sized at $552.78 million, including $391.84 million in Class A notes receiving a provisional ‘BBB’ rating from Fitch Ratings. Fitch has capped the senior notes because of Conn’s higher loan defaults, management changes and credit-risk profile deterioration in recent years.