Consumer ABS

In a setback for the U.S. consumer finance industry, the Supreme Court said Monday that it will not review a lower court's decision that bolstered the ability of states to enforce bans on high-cost lending.

Cabela's Master Credit Card Trust Series 2016-1 was set with a $570 million fixed-rate Class A-1 tranche with a 1.78% coupon, and a $280 million floating-rate Class A-2 tranche at 85 basis points over the one-month Libor rate.

Renovate America, a provider of home energy efficiency improvements financing, is planning a new securitization platform providing additional data into its capital markets transactions.

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.