Fitch Ratings said the most robust subprime auto ABS issuers will probably perform well even in a downturn, but several risks lie ahead for the sector.
Distributed Solar Development plans to issue its first securitization, which is backed by commercial and industrial photovoltaic systems and related customer agreements.
The Securities and Exchange Commission has delayed implementation of a disclosure rule the industry feared would compromise the ability of many issuers to access the 144A market.
Much of the downturn in bank ABS holdings reflects slumping fair-market values for these securities, but the industry also appeared to actively shed some assets. (Includes two data charts.)
Analysts expect SoFi’s first consumer loan securitization of 2022 to perform “very well” from a credit quality perspective. The ABS is stocked with collateral seasoned for a longer than usual period.
The Swiss bank is transferring most of its securitized products unit to a group of investors — affiliates of Apollo Global Management and PIMCO. The deal is expected to close in the first half of 2023.
ABS issuance of business-finance deals was up slightly in the third quarter, but all other sectors of the market posted sharp declines. GM Financial remained the top issuer despite a 32% downturn in production.
Is Onity Group eyeing a sale? Perhaps. And why not? Servicing values are approaching a 25-year high.
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