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.

Issuance of home-improvement securitizations came in at $3.5 billion in 2023, according to Kroll Bond Rating Agency. Some of that volume was in privately-rated deals that haven’t been disclosed to this point.

Purchasing Power partners with employers to offer employees funds for purchases of appliances, electronics and furniture. The firm doesn’t charge interest on the loans. Instead, prices on the items are marked up.

Citibank this week issued two credit card securitizations totaling $1.5 billion. The bank’s last credit card deal was in October 2018.

Space Coast Credit Union's first securitization, composed of prime auto loans, should perform well compared to its competitors, according to rating services.

Esoteric ABS provide stronger yields than traditional ABS. In exchange, investors face greater liquidity risk and some unknowns on future performance.

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.

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.