Securitization

Online lender Social Finance, or SoFi, found a ready market for its inaugural rated offering of bonds backed by unsecured consumer loans.

Navient’s next student loan securitization is backed entirely by federally guaranteed loans to borrowers who were once in arrears but are now making timely payments.

Bond rating agency DBRS has assigned provisional ratings to an asset-backed vehicle comprised of €1.2 billion of consumer personal and mortgage loans originated by Spanish bank Caixabank.

A mix of esoteric lease receivables from real estate, equipment and auto transport assets is being securitized through a €1.03 billion notes offering from Alba Leasing, an Italian corporate credit finance firm.

Duke Energy Florida's $1.3 billion utility fee securitization sets an important precedent.

Hunting and fishing equipment retail chain Cabela’s is planning a $425 million credit-card receivables securitization, as it also explores a sale of the company and/or its credit-card operations.

Speculative-grade corporate liquidity seems to have improved over May and June, but Moody's warned the lowering of the stress index is due more to bankruptcy technicals, not "fundamental improvement."

Oportun Financial Corp., formerly Progreso Financiero Holdings, is offering $102.9 million in Class A notes and $22.07 million in Class B notes. The deal is rated by Kroll Bond Rating Agency.

Weakening credit quality and falling prices on used-car values will cause some deterioration in existing auto asset-backed portfolios this summer, predicts Fitch Ratings.

The economics of actively managing a pool of leveraged loans for the benefit of several different classes of investors is not good. So some CLO managers are putting their deals on autopilot.

HSBC agreed to pay $1.58 billion to settle a 14-year-old shareholder lawsuit over allegations that executives of a U.S. subprime-lending business acquired by the bank misled investors.

Sierra Auto Finance, a subprime auto lender founded by a former executive of Exeter Finance, is making its debut in the securitization market.

Ford Motor Credit has launched an offering of $810 million of securities backed by prime retail auto loans.

California's new, higher legal smoking age heralds more trouble for tobacco securitization debt, said an analyst who has followed the sector for years.

A spring survey of European asset-backed portfolio managers shows a vast majority expects to increase their securitization holdings in 2016. But many see a “muted level” of issuance in which to add securities, according to the DBRS polling.

JPMorgan Chase is issuing its third credit-card securitization of the year – and the second this month – through its Chase Issuance Trust (CHAIT) platform of CHASEseries notes.

Fannie Mae has obtained an additional $563 million of mortgage reinsurance through three transactions.

SBA Communications is tapping the securitization market for $700 million, according to rating agency reports.

Mortgage lenders, debt collectors and credit card companies have borne the brunt of the Consumer Financial Protection Bureau's public enforcement actions over the past four years, yet banks have paid the most in penalties and restitution, according to a new study released by an agency insider.

EU Parliament member Paul Tang shocked the region’s securitization industry last week when he proposed increasing the amount of “skin in the game” for asset-backeds, by four-fold, to 20% from 5%. He's giving the keynote at IMN's Global ABS conference