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.