ABS

Fitch's negative sovereign-issuer rating for the U.S. casts a negative rating outlook on ECMC Group Student Loan Trust (ECMC) 2021-1, due to DOE reinsurance.

Early pricing discussions are for a low-4% yield for the eight-year tranche, and 25 basis points more for the 10-year portion, a steep decrease in the cost of borrowing.

Obligor concentrations are unique compared to other equipment-finance ABS, but outside the top 20 obligors the pool aligns with traditional small-ticket deals.

The transition away from Libor is hitting a milestone as Ford Motor Co. does the first syndicated U.S. corporate loan tied to regulators’ preferred replacement for the benchmark.

Pagaya Investments US looks to sponsor $675 million in asset-backed securities collateralized by marketplace loans, expanding its experience in AI-underwritten debt.

Credit Suisse Group AG’s sustainability chief added his voice to a growing chorus of industry professionals calling for the regulation of ESG ratings.

The Loan Syndications and Trading Association alerts market participants to the challenges of term-SOFR transition before year-end.

World Omni Financial Corp. is returning to the auto-loan ABS market with a jumbo transaction backed by collateral of higher credit quality than other similar deals.

Low pool concentrations of loans on properties located in Ida's path, plus robust property insurance are expected to rein in impacts and insulate noteholders.

From the interest rates on the underlying vehicle leases to the benchmark and hedges on the notes issued from the trust, the deal has no Libor exposure.