GM Financial’s new auto lease securitization deal is weighted toward shorter-term maturities, likely to combat volatility in the auto market, such as falling prices of used cars.
Securitizations backed by oil and gas royalties likely will be issued this year, according to Fitch Ratings. The agency updated its future flow securitization rating criteria last week in anticipation of such ABS issuance.
SoFi’s first consumer loan securitization deal this year will include a higher portion of loans from the company’s lowest credit tier, but rating agencies said the credit quality of the transaction is stronger than its previous consumer loan ABS deals.
A total of $223.74 billion of new non-mortgage ABS came to market in 2018, the best annual showing since the financial crisis, according to a new ranking and analysis by Inside MBS & ABS.The market faltered in the fourth quarter, however, as ABS production slumped 14.9 percent to $45.05 billion. That was the lowest quarterly output since the end of 2016. [Includes two data charts.]
The partial federal government shutdown, now into its fourth week, is having an impact on ABS and MBS issuers that register deals with the Securities and Exchange Commission.
DBRS continued to rank as the most active rating servicing in non-agency MBS as of the end of the third quarter, with S&P Global leading the industry in ABS ratings, according to a new ranking by Inside MBS & ABS. [Includes two data charts.]
Issuers of auto ABS will likely continue to complete clean-up calls on seasoned transactions even in a rising interest-rate environment, according to S&P Global Ratings. The rating service said clean-up calls yield a positive impact for auto ABS issuers and investors.
With marketplace lending securitization volume on track to have one of its best years, analysts at Morningstar Credit Ratings expect the sector to continue growing in 2019 despite some headwinds in the economy and the regulatory landscape.
The fundamentals of non-mortgage ABS will remain relatively strong in 2019, with $249 billion in issuance compared with what’s expected to be a post-crisis high of $245 billion at the end of this year, according to a recent forecast by Kroll Bond Rating Agency.
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