Issuance of ABS tied to marine container leases set sail in August, with the sector producing more volume in recent weeks than all of 2018 and 2019 combined.
JPMorgan Chase has issued its first ABS transaction backed by credit card receivables through Chase Issuance Trust since May 2018. A wildcard to the deal, however, is a pending lawsuit involving the issuance trust.
The $122 million issuance by Oasis Financial will be backed by litigation funding and medical-lien advances related to personal injuries. The deal received a preliminary A- rating.
To avoid retaining risk in securitization deals, mortgage lenders are joining hands with investors who act as “co-sponsors” and take on the first-loss position.
Delinquencies on subprime auto ABS are rising, according to data from the Federal Reserve Bank of New York. But S&P Global Ratings said the situation may not be as bad as the Fed suggests.
LendingClub, which operates an online marketplace, recently issued its first consumer loan-backed ABS of the year. The loans were originated under a model that has been successfully challenged in certain courts, raising concerns from rating agencies.
In a first, Connecticut Green Bank will issue an ABS backed by solar renewable energy credits. The $38.6 million deal from the nation’s first green bank could provide proof of concept for future issuance.
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.