Byzfunder issued its first ABS last week, a transaction that was three times oversubscribed by investors. Repeat issuers are also ramping up originations and issuance volume.

RecFi was set to issue a $143.3 million ABS backed by loans for boats and recreational vehicles. The issuer indefinitely postponed the issuance amid volatility in the financial markets.

Ledn issues ABS backed by Bitcoin loans; fire at SFVegas prompts shift in exhibit hall; banks seek enhanced capital relief for CRTs; Fitch launches group for private ratings; Upstart sells auto loans to Bayview.

The ABS is backed by 5,441 fixed-rate balloon loans tied to bitcoin holdings. The loans have an outstanding balance of $199.1 million. There are concerns about rising LTV ratios as the value of bitcoin drops.

In a first-of-its kind ruling, a bankruptcy court ordered a 2021 whole-business securitization from Hooters Restaurant Group to be cancelled and essentially re-issued.

The DOJ has filed charges against four former Tricolor executives for defrauding finance providers and ABS investors by double-pledging collateral and manipulating collateral characteristics.

Issuers of utility recovery bonds want the SEC to treat the asset as corporate bonds. They raised concerns about a recent flip by the SEC to treat URBs as ABS, though the SEC notes that it has considered some URBs to be ABS for years.

The request came from the CRE Finance Council, the Mortgage Bankers Association and the Securities Industry and Financial Markets Association. The groups said the disclosure requirements have negatively impacted the commercial MBS market.

The company negotiates debt settlements on behalf of struggling consumers, charging fees for the service. The $153.2 million ABS is linked to fees that have yet to be collected by Americor.

SEC is looking to revise disclosure requirements to boost issuance of publicly-registered deals. Investors see some positives in private placements, which might not be easy to replicate in the public market.