Marketplace Lending

  • Symbiotic relationship?

    Marketplace lending enters the mainstream

    The online lending sector has become mainstream, forcing marketplace platforms to better differentiate the experience they offer to borrowers. At the same time, the entrance of new players – such as Goldman Sachs’ Marcus offering – is putting pressure on incumbents to remain competitive and relevant. While online platforms were previously largely expected to replace – or at least .......

    News Analysis 27 March 2019

  • US firms see flurry of hires

    Sector developments and company hires

    US

    Bay Crest Partners has bolstered its fixed income business with a trio of senior hires: Tadeusz (Ted) Jachowicz, Jatin Dewanwala and Greg Hackett. Jachowicz and Dewanwala previously ran Metacapital Management's structured credit effort, including portfolios of ABS, CMBS and RMBS. Hackett joins Bay Crest following five years at RBC, where he headed the firm's CMBS and CRE .......

    Market Moves 10 January 2019

  • Alternative model mooted

    SCI's MPL Securitisation Seminar line-up finalised

    An alternative marketplace lending model could gain traction, thanks to the OCC fintech charter (SCI 12 September). This development, along with the efforts of Congress to resolve outstanding issues around the Madden doctrine and true lender status, is set to be discussed at SCI’s 4th Annual Marketplace Lending Securitisation Seminar in New York on 14 November.

    Other panels .......

    News 9 November 2018

  • Market moves update

    Company hires and sector developments in structured finance

    Alternatives alliance
    DWS Group and Tikehau Capital have entered into an alliance, following Tikehau’s participation in the IPO of DWS in March 2018. Under the agreement, DWS and Tikehau intend to launch a joint product leveraging the two companies’ alternative asset management expertise and platforms, which is expected to launch in 2019. The partners intend to cross-invest in respective funds, with .......

    Market Moves 18 October 2018

  • Latest SCI podcast now live

    SCI podcast episode two has been released

    SCI’s latest podcast is now live. This month the team discuss the African Development Bank’s Room2Run CRT, how fintech is affecting MPL ABS and the changing use of credit derivatives.

    The AfDB’s Room2Run deal, scheduled to close imminently, has shaken up the CRT sector, emphatically underlining that issuers do not have to be European and assets do not have to be .......

    News 18 October 2018

  • Market moves - 5 October

    New hires and company developments in the structured finance sector

    Europe

    Apollo Global Management has named Brigitte Posch md, head of emerging markets in London. She was previously global head of emerging markets corporate credit at Barings Asset Management.

    Reed Smith has hired Kevin-Paul Deveau as a partner to its financial industry group in London. Deveau joins from Dechert and will focus on advising lenders, general partners, ......

    Market Moves 5 October 2018

    Premium Content

  • Madden resolution urged

    US marketplace lending firms should be freed from restraints around “true lender” status that have arisen due to regulatory developments, such as the Madden vs Midland case. This is according to a recent US Treasury report, which also suggests improvements to servicing standards and borrower communication in the federal student loan sector.

    The US Treasury highlights the growing role of .......

    News Analysis 12 September 2018

  • Chinese online ABS develops

    Regulation, data inconsistencies hamper industry

    Fitch recently rated its first ever ABS backed by Chinese online consumer loans, in the form of the CNY1bn JD ABN 2018-1 transaction. While a positive signal for the sector, it still faces a number of hurdles, such as a lack of credit history data across the Chinese population and an inconsistent regulatory framework.

    While the term marketplace lending .......

    News Analysis 3 September 2018

  • Market moves - 3 August

    Company developments and new hires in the structured finance sector

    Acquisitions
    Savills Investment Management is set to acquire a 25% interest in DRC Capital. In addition, the partners of DRC have granted Savills Investment Management a call option to acquire the remaining 75% interest in DRC on the third anniversary of the completion of the initial transaction. Dale Lattanzio, ceo and managing partner of DRC, will join the board of Savills .......

    News 3 August 2018

  • Chinese MPL ABS prepped

    Online lender brings debut rated deal

    Beijing Jingdong Century Trade Co is marketing a consumer ABS under the asset-backed notes (ABN) with a special purpose trust scheme in the Chinese interbank bond market. Dubbed Beijing Jingdong Century Trade Co 2018 Asset-Backed Notes Series 1 (JD ABN 2018-1), the CNY1bn deal marks Fitch’s first ratings assignment for a securitisation of unsecured consumer receivables generated via an .......

    News 3 August 2018

  • PE players driving growth

    Australian ABS and RMBS issuance saw record volumes of over A$8bn and A$37bn respectively in 2017, according to SCI data. The rise of fintech platforms, non-bank financial institutions and private equity-backed lenders in the country - combined with the global hunt for yield - is set to support continued growth of its securitisation market.

    Private equity involvement in the .......

    Talking Point 19 June 2018

  • Market moves - 13 April

    Aircraft ABS on watch
    KBRA has placed the class A, B and C notes of the US$411m Prop 2017-1 ABS on watch for downgrade. The ABS represents the first securitisation from Elix Aviation Capital, with the proceeds being used to buy 63 aircraft on lease to 17 airlines in 12 countries. KBRA notes that one aircraft was not delivered to .......

    Market Moves 13 April 2018

  • LoanDepot RMBS debuts

    The first RMBS entirely backed by loans underwritten by marketplace lender loanDepot.com has hit the market. Mello Mortgage Capital Acceptance 2018-MTG1 is backed by a US$299.83m pool of 453 primarily 30-year fixed-rate QM loans.

    The securitisation comprises 226 prime jumbo loans underwritten to loanDepot's underwriting guidelines (representing 59.3% of the pool by loan balance) and 227 high balance .......

    News 28 March 2018

  • Increase in liquidity 'hard to measure'

    Liquidity in structured products is difficult to quantify, and perhaps even to define. Whichever way it is measured, traders agree that it has increased and predict that over the course of 2018 spreads are going to continue their long tightening trend.

    Liquidity is commonly identified by the presence of associated phenomena. Two-way markets made by dealers are considered to be .......

    News Analysis 22 March 2018

  • Marketplace lending now 'mainstream'

    The US consumer economy’s long recovery has now become well established and access to credit has developed markedly over the last few years. Marketplace lending ABS has become similarly well established in this environment and is set to continue its development, although there are fears that the market is now teetering towards a bubble.

    A senior executive at .......

    News Analysis 22 March 2018

  • Market moves - 16 March

    EMEA

    Citigroup has appointed Laura Coady to the newly created position of head of EMEA, structured finance syndicate desk and she will continue to report locally to EMEA co-heads of global structured finance and securitisation Peter Keller and Bob Liao, and report globally to Vikram Prasad, global head of credit syndicate desk, taking responsibility for distributing all products from the .......

    Market Moves 16 March 2018

  • Navient preps 'debut' refi SLABS

    Navient is tapping the ABS market for the first time after acquiring online lender Earnest. Its latest US$507.47m transaction, dubbed Navient Private Education Refi Loan Trust 2018-A, is backed by fixed-rate refinanced student loans first originated by Earnest and subsequently acquired by Navient to circumvent competition clauses since its split from Sallie Mae last year (SCI 30 October 2017).

    News 8 February 2018

  • Market moves - 12 January

    Acquisition

    Acrisure is set to acquire 100% of Beach & Associates equity from the firm's existing shareholders, which include Aquiline Capital Partners and Beach management. Under new ownership, Beach will retain its name and continue to operate as an independent advisory and transactional broking business within Acrisure. The existing Beach management team will remain following the transaction and have elected to become .......

    Market Moves 12 January 2018

  • Embracing a tactical approach

    David Moffitt, head of tactical investment opportunities at LibreMax Capital, answers SCI's questions

    Q: How and when did LibreMax Capital become involved in the securitisation market?
    A: LibreMax Capital was established in October 2010 by founding cio Greg Lippmann and founding president Fred Brettschneider, who previously worked at Deutsche Bank and Credit Suisse together. The firm - which focuses exclusively on .......

    The Structured Credit Interview 22 December 2017

  • MPL sector shakes off reputational threats

    With continued growth of the marketplace lending ABS sector and repeat issuance from a range of firms, the market appears to have shaken off its label as an esoteric asset class. At the same time, a potential resolution to the ongoing Madden case suggests that the sector could finally be overcoming its reputational issues.

    Last quarter was strong for the .......

    News Analysis 13 December 2017

  • Job swaps round-up - 17 November

    EMEA

    CSC has hired Jonathan Hanly as md to its Ireland office, Hinnerk Koch as md to its Luxembourg office and Aline Sternberg as head of transaction services in the UK. Hanly has previous executive leadership roles with the Intertrust Group, SFM Europe and RBS. Koch has significant experience in the alternative finance and securitisation markets in Luxembourg, having spent .......

    Job Swaps 17 November 2017
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