Two online lenders, Lending Club and Upstart, went face to face in the securitization market this month with competing offerings of bonds backed by unsecured consumer loans.

The deals earned identical credit ratings from Kroll Bond Rating Agency, despite the fact that the collateral for Upstart’s deal was, by several metrics, less risky. Lending Club had to pay up for the A- on its senior notes by offering additional investor protections.

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