There are fewer structural protections in today’s speculative-grade securities backed by subprime auto loans compared to below-investment grade issuances in the 1990s, according to an S&P Global analysis of the subprime auto loan ABS sector.

The non-mortgage ABS market took a breather in the second quarter as new issuance fell modestly from the red-hot pace at the start of the year, according to a new Inside MBS & ABS analysis.

After a couple of years away from ABS issuance, loanDepot and Volkswagen are providing collateral for new deals. Meanwhile, Freedom Financial Network is a first-time issuer. All are getting positive reaction from investors.

Efforts to adopt certain consumer protections at both the state and federal levels will increase credit strength for ABS backed by Property Assessed Clean Energy programs, rating services said.

Defaults remain low on student loan refinancing originated by online lenders due to the overall high quality of their borrowers, and some new repayment assistance programs will help the strong performance, said Moody’s Investors Service.

A subsidiary of Singapore-based Temasek Holdings is set to issue an ABS backed by cash flows from private-equity funds. The deal, which will include tranches in Singapore dollars and U.S. dollars, received preliminary A- ratings.

Commercial banks and savings institutions held $113.75 billion of non-mortgage ABS in portfolio at the end of March, a scant 0.1 percent increase from the previous quarter, according to a new ranking and analysis by Inside MBS & ABS. [Includes two data charts.]

A proposed merger between telecommunication giants T-Mobile US and Sprint Corp. would provide a credit boost for Sprint’s spectrum ABS but not for the wireless tower ABS sector, according to a report from Moody’s Investors service.

S&P Global Ratings has rated its first Property Assessed Clean Energy (PACE) securitization deal, which could help perk investor interest in the fledgling asset class.

Production of new non-mortgage ABS soared in the first three months of 2018, pushing the market to its strongest quarter since the April-June cycle back in 2008. [Includes two charts.]