Securitization

Discover Bank plans to issue $550 million of credit card ABS from its Discover Card Execution Note Trust.

Sallie Mae increased the size of its second private student loan-backed securitization but priced the deal at wider spreads on Friday.

Stephen Mathews took the role of managing director of GC Securities, the firm said today in a press release. He is based in New York.

Corporate borrowers continue to take advantage of strong demand for loans to re-price existing debt, and this is putting a squeeze on some of the biggest buyers of loans—collateralized loan obligations.

The New Mexico Educational Assistance Foundation plans to issue a $224 million Federal Family Education Loan Program–backed student loan securitization deal.

Air Canada priced its first enhanced equipment trust certificates, the $714.5 million Air Canada Pass Through Certificates, Series 2013-1, on Thursday.

Fitch Ratings does not expect to either upgrade or downgrade any European collateralized loan obligations for the remainder of 2013.

Office loans in CMBS have the highest default rates for the second year running, according to Fitch Ratings.

The six regulatory agencies that are working on the qualified residential mortgage risk retention rule are looking at aligning it with the qualified mortgage rule, according to a key participant.

Private student loans originated after 2008 are performing better than Federal Family Education Loan Program (FFELP) student loans, according to a Moody’s Investors Service report.

David Akre is the new managing director at Oak Circle Capital Partners, where he will develop opportunities in in non-agency RMBS investments, securitization and origination.

GE Commercial Distribution Finance Corp. issued its $500 million dealer floorplan asset-backed securitization on Wednesday.

Redwood Trust has issued $2.7 billion in private label jumbo mortgage securitizations, nearly doubling its MBS issuance since restarting issuance in 2010.

A cap on the allocations of borrower accounts to not for profit servicers of the Federal Direct Loan Program could result in losses for Federal Family Education Loan Program-backed securities, said Fitch Ratings.

The rise in home values has limited impact on residential mortgage-backed securities loss severities on liquidated loans that are backed by properties that have been delinquent for three years or more, according to Moody’s Investors Service.

Europe’s auto ABS pipeline continues to build and the latest boost comes from SOFIRA’s EUR550 million ($714.5M) revolving cash securitization of dealer floorplan receivables extended to auto dealers in France.

First Capital closed its $283 million securitization of senior secured working capital loans to small and mid-sized private companies.

In the American Securitization Forum’s ongoing bid to restore securitization’s once-prominent role in funding housing, the trade group released a clutch of proposals Tuesday.

SeaCo plans to issue a $200 million marine container lease backed securitization deal that will be rate by Standard & Poor’s.