Securitization

NextGear, a unit of Cox Enterprises, is marketing its second offering of the year of notes backed by inventory financing for used auto dealers, according to rating agency reports

BMW is adding another $1 billion to the mix of auto-related securitizations in the new issue market.

Santander Drive Auto Receivables Trust (SDART) 2016-3 consists of $1.178 billion in new and used vehicle loans originated or acquired by Santander Consumer USA, with a potential upsizing in the works. Exeter's third deal of the year is sized at $450 million in notes, backed by $471.2 million in subprime loans.

The Wall Street firm believes that its gold-plated brand will help attract middle-class borrowers.

Toyota Motor Credit is marketing another $1.25 billion of bonds backed by retail auto loans.

Royal Bank of Scotland Group agreed to pay $1.1 billion to settle the first of three major U.S. mortgage-backed securities probes the bank must overcome before it can resume dividend payments.

The new deal structured by the General Motors Financial Co. subsidiary includes more loans to borrowers with 600-plus FICO scores as well as to those populating the higher end of AmeriCredit’s internal scoring tables. AMCAR also features slightly fewer loans over 60 months, and a higher weighted average APR.

Marketplace lenders' share of the consumer and small-business loan markets is small now, but is expected to grow substantially in the coming years. Banks looking to get in on the action have two choices: team up with these established players that have already perfected the technology or try to beat them at their own game

Conn’s Receivables Funding 2016-B is comprised of three tranches of notes sized at $552.78 million, including $391.84 million in Class A notes receiving a provisional ‘BBB’ rating from Fitch Ratings. Fitch has capped the senior notes because of Conn’s higher loan defaults, management changes and credit-risk profile deterioration in recent years.

Takata’s ongoing recall of airbags puts bonds backed by auto leases at increased risk of losses, Moody’s Investors Service warns. Bonds backed by auto loans have only minimal exposure, however.

Nine global banks are testing blockchain and smart contract technologies to see if they can improve the syndicated loan market.

The Consumer Financial Protection Bureau on Monday fined a large auto title lender $9 million for failing to disclose the terms and costs of its title loans in three states and for illegally exposing consumers' information to their employers.

Mortgage insurance companies are getting a long-awaited shot at expanding their business with Fannie Mae and Freddie Mac. But it's shaping up to be less lucrative than they had hoped.

Ditech Financial is returning to the securitization market to fund advances of principal and interest payments to mortgage bondholders.

Citigroup is marketing a $917 million commercial mortgage securitization, according to rating agency presale reports.

The portfolio’s structure includes a €930 million Class A notes stack carrying a floating rate coupon and provisional triple-A ratings from DBRS and Moody’s Investors Service.

Beleaguered subprime auto lender Santander Consumer USA is once again restating its financial results dating to 2013.

In the previous three years, DriveTime has not exceeded three auto loan securitizations in one year. With three months remaining in 2016, the subprime auto lender is already on deal No. 4.