Securitization

The Western Riverside Council of Governments is preparing its second-largest securitization of Property Assessed Clean Energy bonds financing energy efficiency renovations for California homeowners,

Volkswagen Finance has completed what it is billing as the largest Spanish auto loan securitization since the financial crisis

Toyota Motor Credit Corp. has agreed to change its pricing and compensation practices and pay nearly $22 million to settle allegations it charged African-Americans and other minorities more than white borrowers for auto loans, federal regulators said Tuesday.

With only $16 billion in issuance in January, the market for new securitizations fell by $2 billion from December and is less than half of the new structured finance supply from January 2015.

The New Hampshire Higher Education Loan Corp. is readying $141.3 million of securities backed by a pool of older private student loans that have experienced high default rates, according to Moody’s Investors Service.

Freddie Mac has taken out another reinsurance policy that transfers risk of default on mortgages it insures.

A £524.4 million (US$755.6 million) series of prime, owner-occupied mortgage loans originated by UK’s Skipton Building Society will be packaged into the fourth securitization pieced together by the UK financial institution.

OnDeck Capital, an online small-business lender in New York, has added a former E-Trade Financial executive to its board, as another director plans to leave.

Kevin Palmer, senior vice president of credit risk transfer at Freddie Mac, holds that the timing of transactions offloading the risk of default on mortgages is less important than what he terms “reimbursement risk."

Veteran corporate structured finance attorney Chris Gavin has taken a partnership role in the capital markets group at Cadwalader, Wickersham & Taft, joining the New York firm as it looks to expand its mortgage ABS practice.

The Hertz Corp. is preparing two as-yet unsized offerings of bonds backed by rental car fleet financing, according to rating agency reports.

Clayton Holdings said Monday that it had been selected by Angel Oak Capital Advisors to be the representation and warranty reviewer for a $150.4 million private-label securitization of non-prime loans.

MotoVoto Finance, one of the U.K.’s largest players in used car financing, is preparing to market its sixth securitization of an undetermined volume of its fixed-rate consumer auto leases.

Issuance of U.S. collateralized loan obligtions is off to a slow start, with just two deals pricing in January; a single European deal priced.

OneMain Financial is preparing to package $555.6 million of subprime consumer loan receivables in its first asset-backed securitization since its acquisition by Springleaf Financial from Citigroup was completed in November.

Exeter Finance Corp. has upped credit enhancement for its latest subprime auto loan securitization to compensate for an increase in losses on recently originated loans.

The ongoing deterioration in crude oil prices is raising concerns that the energy sector’s distress will drag down CLOs that have overweight debt exposure to exploration/production and oilfield services firms.

CIFC Corp. saw its stock soar 22.32% Thursday after the No.1 ranked U.S. CLO manager by deals under management announced it had retained JPMorgan to explore a possible sale of the company.

Citigroup is readying $1.2 billion of commercial mortgage bonds backed by 58 loans secured by 104 properties, according to rating agency reports.

Nissan Motor Acceptance Corp. is out of the starting blocks in 2016 with a $1 billion auto loan securitization in its first pool of loans of the year.