Subprime lending

Deals, trends and research in structured finance and asset-backed securities for the week of Jan.7-14

The subprime auto lender, which specialized in post-bankrutpcy loans, has a greater share of direct-channel loans (typically refis) compared to its lone 2020 asset-backed offering.

Deals, trends and research in structured finance and asset-backed securities for the week of Dec. 31-Jan.7

Deals, trends and research in structured finance and asset-backed securities for the week of Dec. 11-17

The new revolving platform will allow the credit-card issuer to periodically assign new accounts into the existing collateral pool without having to establish a new trust for each issuance.

The $310.47 million GLS Auto Receivables Issuer Trust 2020-4 collateralizes 13,316 loans with an average borrower FICO of 573. That is lower subprime territory, but is slightly higher than any of GLS’ most recent securitizations, according to a report from DBRS Morningstar.

Auto-loan securitizations from AmeriCredit and Santander add to a briskly flowing 2020 subprime-deal pipeline, while Ford and JPMorgan are marketing notes backed by prime-loan receivables.

According to ratings agency presale reports, Flagship will sell $303 million in bonds from a $314.8 million of loan originations by Flagship as well as its CarFinance.com subsidiary.

Prestige's new $377M securitization has a collateral pool in which over 44% of the loans are from borrowers with recent Chapter 7/13 discharges.

Deals, trends and research in structured finance and asset-backed securities for the week of Sept. 25-Oct. 1