ABS

Vertical Bridge, a cell tower operator founded by former executives of Global Tower Partners, is making its first call on the securitization market.

The asset-backed securitization is being issued in a three-tranche, $183M structure. This is the fourth ABS issued by Commercial Credit Group through CCG Receivables Trust.

Although European CLO issuance picked up in March following new central bank quantitative easing efforts, volume still finished the first quarter with a 42% decline from the same period a year ago, according to Moody’s Investors Service.

The BA Credit Card Trust 2016-1 issue will be feature a Class A tranche of BAseries notes, which BofA expects to have a triple-A structured finance rating from Moody’s Investors Service and Standard & Poor’s.

LendingClub, the online loan platform looking to restore investor confidence, is in talks with Citigroup to arrange more funding for the debts it arranges, according to a person with knowledge of the matter.

Specialized lender Oxford Finance is securitizing a $324 million notes package backed by first-lien senior loans it has originated for life sciences research firms and healthcare services companies.

Hertz Corp. is marketing two as-yet unsized offerings of notes backed by its auto rental fleet, according to rating agency reports.

A surge of bankruptcies and a trio of distressed exchanges so far in May show that speculative-grade corporate liquidity remains under pressure heading into the summer, according to Moody's.

Before we write off marketplace lending, let's remember: we are still at the relative beginning of this journey. There will be some bumps in the road, as there are for new companies in any field. Innovation takes time and so does building a great company.