Consumer ABS

Three years after Verizon issued its first term securitization of device payment plans, it remains the sole issuer; Sprint, T-Mobile and AT&T appear to have other priorities.

The move, reported by The Wall Street Journal, could be part of a deeper foray into cobranded cards by Goldman, which has been expanding into consumer finance through its Marcus unit.

Tier 7 loans, which have lower limits on free cash flow and allow negative personal income, account for 7.26% of the collateral for the online lender's next transaction, according to Kroll.

The New York and Israel-based investment management startup selected the initial collateral using machine-learning decisions; AI will also be used in determining when to sell consumer loans in the portfolio or buy additional assets.

The new unit will be based in Charlotte, N.C., and led by Bo Weatherly; it will provide warehouse lines of credit to nonbank consumer and commercial lenders; it will also provide underwriting services.

The remainder of the collateral was contributed by Goldman Sachs, which is also holding onto 5% of the risk in the deal to comply with risk retention rules.

Ford Motor Credit added a one-time seven-year revolving period to its previous open pool of auto loan receivables.

The $748 million Navient Student Loan Trust 2019-1 looks a lot like the four FFELP deals the sponsor completed in 2018; it is backed by a mix of rehab (19.6%) and non-rehab (80.4%) loans.

This time, the $98.4 million of underlying collateral was originated by before the financial crisis by Citibank via its former student lending affiliate, the Student Loan Corp.

This marketplace lender's third securitization of the year again features fewer 60-month loans, slightly higher FICOs and lower coupons.