Financial law

KBRA Assigns Ratings to RFS Asset Securitization LLC, Series 2018-1 Additional Notes and Affirms Ratings of Existing Series 2018-1 Notes

Retrieved on: 
Thursday, August 1, 2019

Kroll Bond Rating Agency (KBRA) assigns ratings to three classes of additional Series 2018-1 Notes (the Series 2018-1 Additional Notes) issued by RFS Asset Securitization LLC.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns ratings to three classes of additional Series 2018-1 Notes (the Series 2018-1 Additional Notes) issued by RFS Asset Securitization LLC.
  • RFS Asset Securitization LLC issued three classes of Series 2018-1 Notes, Class A, Class B and Class C Notes (collectively, Series 2018-1 Notes) totaling $80 million on January 14, 2019.
  • The Series 2018-1 Additional Notes include $40 million of additional Series 2018-1 Class A, Class B, and Class C Notes (together with the Series 2018-1 Notes, the Notes).
  • In addition, the ratings for the previously issued $80.0 million of Series 2018-1 Notes are affirmed in conjunction with the issuance of the $40.0 million Series 2018-1 Additional Notes.

KBRA Assigns Preliminary Ratings to GLS Auto Receivables Issuer Trust 2019-3

Retrieved on: 
Thursday, August 1, 2019

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of notes issued by GLS Auto Receivables Issuer Trust 2019-3 (GCAR 2019-3 or the Issuer), an auto loan ABS transaction.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of notes issued by GLS Auto Receivables Issuer Trust 2019-3 (GCAR 2019-3 or the Issuer), an auto loan ABS transaction.
  • The notes are backed by a pledge of assets of the issuer and the underlying trust, the assets include a certificate representing the entire beneficial ownership in the underlying trust.
  • GLS is a subprime auto finance company that was founded in October 2011 and is backed by its founder Doug Duncan and BlueMountain Capital Management.
  • GLS benefits from a capable management team that has extensive experience in the auto finance industry.

KBRA Assigns Preliminary Ratings to CarNow Auto Receivables Trust 2019-1

Retrieved on: 
Wednesday, July 31, 2019

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of notes issued by CarNow Auto Receivables Trust 2019-1 (CNART 2019-1), a subprime auto asset-backed securities transaction.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of notes issued by CarNow Auto Receivables Trust 2019-1 (CNART 2019-1), a subprime auto asset-backed securities transaction.
  • CNART 2019-1 contains approximately $132.1 million of receivables as of June 30, 2019.
  • KBRA also conducted an operational assessment of the Company, as well as a review of the transactions legal structure and transaction documents.
  • KBRA will also review the operative agreements and legal opinions for the transaction prior to closing.

Payment Acceptance and Technology Leader Base Commerce Establishes Sponsor Bank Relationship with Fresno First Bank

Retrieved on: 
Wednesday, July 31, 2019

TEMPE, Ariz., July 31, 2019 /PRNewswire-PRWeb/ --Base Commerce, LLC ( http://www.basecommerce.com ), a technology-driven payment processing company specializing in bankcard and ACH payment solutions, has announced a new sponsor bank relationship with Fresno First Bank.

Key Points: 
  • TEMPE, Ariz., July 31, 2019 /PRNewswire-PRWeb/ --Base Commerce, LLC ( http://www.basecommerce.com ), a technology-driven payment processing company specializing in bankcard and ACH payment solutions, has announced a new sponsor bank relationship with Fresno First Bank.
  • "Fresno First Bank is a rapidly growing local bank that has a well-earned reputation as an innovator in modern banking.
  • Base Commerce has the talent, progressive mindset, and technology stack to enable us to compete effectively in the ever-evolving payments space."
  • Founded in 2008 and headquartered in Tempe, AZ, Base Commerce is a leading provider of advanced payment processing solutions.

Northwest Community Credit Union Short-Term Loans, Powered by QCash Financial's Platform, are Meeting Member Needs

Retrieved on: 
Wednesday, July 31, 2019

Both products are designed to help their members deal with unexpected cash needs with an easy to use application process.

Key Points: 
  • Both products are designed to help their members deal with unexpected cash needs with an easy to use application process.
  • Using QCash Financial's white-label, digital lending platform , NWCU automated the loan process using the member's credit union relationship to make the lending decision rather than credit history.
  • "I was initially skeptical of the credit risk and the potential member cost associated with these loans," said NWCU Business Intelligence Manager, Sam Stratton.
  • "The Northwest Community Credit Union team understands how important access to cash is as a first step in breaking the debt cycle.

EBA launches consultation on the methodology to determine the weighted average maturity of contractual payments due under the tranche of a securitisation transaction

Retrieved on: 
Wednesday, July 31, 2019

The European Banking Authority (EBA) launched today a public consultation on draft Guidelines (GLs) on the determination of the weighted average maturity (WAM) of the contractual payments due under the tranche, as per the Capital Requirements Regulation (CRR) Article 257(1) (a). These draft GLs aim at ensuring that the methodology applicable for the determination of the WAM for regulatory purposes is sufficiently harmonised in order to increase consistency and comparability in the own funds held by institutions.

Key Points: 
  • EBA launches consultation on the methodology to determine the weighted average maturity of contractual payments due under the tranche of a securitisation transaction

    31 July 2019

    The European Banking Authority (EBA) launched today a public consultation on draft Guidelines (GLs) on the determination of the weighted average maturity (WAM) of the contractual payments due under the tranche, as per the Capital Requirements Regulation (CRR) Article 257(1) (a).

  • This methodology to determine the WAM of contractual payments due under the tranche of a securitisation transaction should be clear to avoid arbitrage and to allow less sophisticated institutions to use the External Ratings Based Approach for calculating risk weighted exposure amounts of a securitisation position (SEC-ERBA).
  • In addition, the methodology should be conservative to maintain a sufficient level of prudence and simple to facilitate the supervision of competent authorities.
  • In particular, two alternative approaches could be applied when determining the maturity of a tranche: the WAM of the contractual payments due under the tranche or the final legal maturity of the tranche.

Vizient Voices Disappointment with CMS’ Proposed Outpatient Prospective Payment System Rule

Retrieved on: 
Tuesday, July 30, 2019

In the proposed rule, CMS intends to build on previous price transparency guidance by defining standard charge to include payer-specific negotiated rates, in addition to gross charges.

Key Points: 
  • In the proposed rule, CMS intends to build on previous price transparency guidance by defining standard charge to include payer-specific negotiated rates, in addition to gross charges.
  • Vizient supports meaningful price transparency efforts that will not discourage patients from seeking needed care due to potentially misleading cost information.
  • We believe this is the wrong approach to price transparency, and the administration should reverse course on this provision in the final OPPS rule.
  • We also remain deeply concerned about CMS proposal to continue payment reductions to hospitals purchasing 340B drugs, which the courts have already determined to be unlawful.

The Central and Eastern Europe Fund, Inc., The European Equity Fund, Inc., and The New Germany Fund, Inc. Announce Extension of Share Repurchases

Retrieved on: 
Friday, July 26, 2019

Repurchases will be made from time to time when they are believed to be in the best interests of a Fund.

Key Points: 
  • Repurchases will be made from time to time when they are believed to be in the best interests of a Fund.
  • For more information on each Fund, including the most recent month-end performance, visit www.dwsfunds.com or call (800) 349-4281.
  • Investing in foreign securities, particularly those of emerging markets, presents certain risks, such as currency fluctuations, political and economic changes, and market risks.
  • The Central and Eastern Europe Fund, Inc. is non-diversified and can take larger positions in fewer issues, increasing its potential risk.

Yongjin Group, and Other Prominent Private Family Offices Partner in The HQ2 For Ideanomics APAC headquarters

Retrieved on: 
Friday, July 26, 2019

The Company's New Energy Transportation Services (NETS) Group will lead this expansion effort by making the APAC headquarters its home.

Key Points: 
  • The Company's New Energy Transportation Services (NETS) Group will lead this expansion effort by making the APAC headquarters its home.
  • Further, Ideanomics continues to build its ABS advisory services by signing a strategic Joint Venture agreement with leading Singapore family offices and financial conglomerates, such as the Yongjin Group .
  • This will enhance the efficiencies, increase transparency, and facilitate better risk management solutions for the design of ABS financing products.
  • The union of these partners will thrive in Singapore, the current ASEAN hub for Asset Backed Securities (ABS) financings and products.

A Q&A Session With Infiniti Research’s Thought Leader on the Present and Future of the Medical Device Market

Retrieved on: 
Friday, July 26, 2019

Medical device companies must now decipher strategies to adapt to the market dynamism and plan their market expansion.

Key Points: 
  • Medical device companies must now decipher strategies to adapt to the market dynamism and plan their market expansion.
  • Medical device companies that adapt to new market innovations will be able to succeed in the long run.
  • A key strategy to stay ahead of the curve in todays dynamic medical device market is to become agile innovators," says Mr. Sikaria.
  • How reliable are market research reports as a source of data and decision-making in the medical device industry?