Cogent Communications is using 13 million IP addresses as collateral for a novel securitization.

Federal Reserve Governor Michelle Bowman highlighted issues in the proposed rule that impact MBS and ABS.

It’s been almost 20 years since the ABS market had a quarter like the first three months of 2024. Some 72 of the 114 issuers that brought deals to market in the first quarter were on the sidelines in the previous period. (Includes three data tables.)

Uncertainty about interest rate cuts has led more auto ABS issuers to consider clean-up calls.

The securitization is linked to short-term loans with an outstanding balance of $1.42 billion.

Declining mortgage refinance rates are causing a slowdown in solar ABS prepayments, increasing risks for investors.

CRT deals involving auto loans typically have a pro rata structure, which can create more risks for investors than the sequential pay structure in ABS transactions. Structures are also evolving, including a deal issued by a nonbank in partnership with a bank.

Santander Consumer USA is a long-time issuer of auto ABS, but its affiliated Santander Bank only started originating auto loans in recent years. And to this point, the bank has issued only CRT with auto loans.

GreenState Credit Union issued its first auto ABS this week and M&T Bank returned to the market for the first time since 2013.

The new credit card late fee rule could increase charge-offs and lead to tighter credit card underwriting standards.