The new ABS, comprised of prime auto loans, is a portion of a security Ally privately issued in March. Ratings firms said the deal had a weaker pool composition than previous Ally securitizations.
Vehicle ABS issuance reached a record $46.5 billion in the third quarter, and that doesn't count rental-fleet financing. But a sharp decline in auto-dealer floorplan securitization led to a slip in business ABS production. (Includes three data tables.)
The Department of Energy is providing a 90% guarantee on loans in an ABS from Sunnova Energy. The loans are part of DOE’s new solar program, Project Hestia.
Loans in a new ABS from Cross River Bank were originated in partnership with Upstart Network. Partnerships with banks provide interest-rate preemption to many nonbank lenders.
Issuance of auto ABS in the third quarter of 2023 has topped issuance from the second quarter. Issuers are seeing strong demand from investors despite rising defaults. An auto worker strike is also introducing some uncertainty.
DBRS issued a new methodology to assess ABS issuance of loans tied to fine art and collectibles. There’s a growing interest in fine art lending among borrowers, lenders and potentially ABS investors.
Christopher Stanley, a security engineer at SpaceX, is the first member of Elon Musk’s Department of Government Efficiency to join a GSE board.
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