ABS

KBRA Assigns Preliminary Ratings to Flagship Credit Auto Trust 2024-1

Retrieved on: 
Wednesday, April 3, 2024
Banking, Professional Services, Finance, FCAT, FC, Class, ABS, KBRA

KBRA assigns preliminary ratings to five classes of notes (seven tranches) issued by Flagship Credit Auto Trust 2024-1 (“FCAT 2024-1”), an asset-backed securitization collateralized by a pool of auto loans.

Key Points: 
  • KBRA assigns preliminary ratings to five classes of notes (seven tranches) issued by Flagship Credit Auto Trust 2024-1 (“FCAT 2024-1”), an asset-backed securitization collateralized by a pool of auto loans.
  • The transaction has initial hard credit enhancement levels of 40.60% for the Class A Notes through 4.60% for the Class E Notes.
  • FCAT 2024-1 represents the first term ABS securitization in 2024 for FC HoldCo LLC, the parent company of Flagship Credit Acceptance LLC (“Flagship”) and CarFinance Capital LLC.
  • The underlying auto loans supporting FCAT 2024-1 were originated by Flagship and CarFinance Capital LLC and are serviced by Flagship.

Chimera Declares First Quarter 2024 Common Stock Dividends

Retrieved on: 
Thursday, March 28, 2024
REIT, Finance, Banking, Professional Services, Construction & Property, RMBS, Trust, Coronavirus, Materiality, Classification, Security (finance), Disclosure, Risk, Investment, Annual report, ABS

The Board of Directors of Chimera Investment Corporation announced the declaration of its first quarter cash dividend of $0.11 per common share.

Key Points: 
  • The Board of Directors of Chimera Investment Corporation announced the declaration of its first quarter cash dividend of $0.11 per common share.
  • The dividend is payable April 30, 2024 to common stockholders of record on April 8, 2024.
  • The ex-dividend date is April 5, 2024.
  • All subsequent written and oral forward-looking statements concerning Chimera or matters attributable to Chimera or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above.

KBRA Releases KBRA Esoteric ABS Conference Recap

Retrieved on: 
Friday, March 22, 2024
Banking, Professional Services, Insurance, Finance, WBS, Western esotericism, CIS, ABS, KBRA

KBRA releases a recap of KBRA's Esoteric ABS conference held on March 21, 2024.

Key Points: 
  • KBRA releases a recap of KBRA's Esoteric ABS conference held on March 21, 2024.
  • The conference featured panels focused on whole business securitizations (WBS), the evolution of the solar financing market, and emerging ABS sectors, such as music royalties, communication infrastructure securitization (CIS), and data centers.
  • The panelists included KBRA sector experts along with industry-leading investors, issuers, and investment bankers.
  • Click here to view the report.

3D Printing Canada/USA Joins Forces with RobotShop Marketplace

Retrieved on: 
Wednesday, March 20, 2024
Automotive Manufacturing, Other Retail, Aerospace, Technology, Manufacturing, Robotics, Other Manufacturing, Retail, Internet, Engineering, Hardware, PLA, Communication, Partnership, Education, Nylon, 3D, CNC, ABS, Plastic, API, Printing, 3D printing

RobotShop.com, the world's leading source of robotics technology, and 3D Printing Canada/USA, a premier provider of 3D printing technology in North America, are excited to announce a strategic partnership that will significantly expand the RobotShop Marketplace.

Key Points: 
  • RobotShop.com, the world's leading source of robotics technology, and 3D Printing Canada/USA, a premier provider of 3D printing technology in North America, are excited to announce a strategic partnership that will significantly expand the RobotShop Marketplace.
  • 3D Printing Canada/USA, known for its high-quality 3D printers and filaments, brings to the table a wealth of experience in professional and home-based 3D printer maintenance, supplies, and training.
  • Chris Niedojadlo, Director of Sales at 3D Printing Canada/USA, added, "Joining forces with RobotShop represents a significant milestone for us.
  • 3D Printing Canada/USA, a subsidiary of N3 Technologies Inc., is a leading provider of 3D printing technology in Canada and the USA.

KBRA Releases Research – Solar Loan ABS: Credit Risks Rise as Prepayments Fall

Retrieved on: 
Wednesday, March 20, 2024
Professional Services, Residential Building & Real Estate, Alternative Energy, Energy, Finance, Construction & Property, Banking, ABS, Housing

Rising mortgage rates and continued home price appreciation over the past 24 months has led to a slowdown in housing turnover and refinancing activity, pushing mortgage prepayment speeds to historically low levels.

Key Points: 
  • Rising mortgage rates and continued home price appreciation over the past 24 months has led to a slowdown in housing turnover and refinancing activity, pushing mortgage prepayment speeds to historically low levels.
  • Solar loan prepayment rates have fallen in tandem, as home sales and cash-out refis have historically been two of the main solar prepay drivers.
  • For securitized asset classes with positive excess spread, a slowdown in prepayment speeds can have positive credit implications as it increases soft credit enhancement.
  • However, for solar loan ABS transactions, which typically have negative excess spread, low prepayment rates erode credit enhancement.

Palliser Appoints Former Elliott Partner Steve Kasoff as Chairman of Palliser US

Retrieved on: 
Wednesday, March 20, 2024
Other Professional Services, Asset Management, Professional Services, Finance, Elliott Investment Management, Deutsch, Risk, Business, Capital, Management, University, ABS, CDO, Retirement, Yale University

Palliser Capital, a global multi-strategy investment firm, announced today that former Elliott Management Equity Partner and Senior Portfolio Manager, Steve Kasoff, joined Palliser on 1 March 2024 as Chairman of Palliser Capital US.

Key Points: 
  • Palliser Capital, a global multi-strategy investment firm, announced today that former Elliott Management Equity Partner and Senior Portfolio Manager, Steve Kasoff, joined Palliser on 1 March 2024 as Chairman of Palliser Capital US.
  • Steve spent 17 years at Elliott Management where he was responsible for the firm’s global investments in structured credit, real estate, ABS, CDOs, and the firm’s macro strategies.
  • Prior to joining Elliott in 2003, Steve spent a number of years as a Director at Deutsche Bank’s CDO Group.
  • Steve Kasoff: “Palliser was the obvious place for me to build the next phase of my career.

KBRA Assigns Preliminary Ratings to Prosper Marketplace Issuance Trust, Series 2024-1

Retrieved on: 
Monday, March 18, 2024
Professional Services, Finance, Credit, ABS, KBRA

KBRA assigns preliminary ratings to four classes of notes issued by Prosper Marketplace Issuance Trust, Series 2024-1 (“PMIT 2024-1”), a $136.478 million consumer loan ABS transaction.

Key Points: 
  • KBRA assigns preliminary ratings to four classes of notes issued by Prosper Marketplace Issuance Trust, Series 2024-1 (“PMIT 2024-1”), a $136.478 million consumer loan ABS transaction.
  • The ratings reflect initial credit enhancement levels of 29.85% for the Class A Notes to 8.85% for the Class D Notes.
  • Founded in 2005 and headquartered in San Francisco, CA, Prosper Funding LLC (“Prosper” or the “Company”) operates a marketplace for its online consumer installment loan program administered through www.prosper.com (the “Prosper Platform”).
  • This transaction represents the second ABS securitization for the Company since PMIT 2019-4 and the eleventh ABS issued from Prosper Marketplace Issuance Trust.

Global and China Passenger Car Intelligent Chassis and Chassis Domain Controller Research Report 2023: Cross-domain Integration of Chassis Domain with Other Domains Brings More Imaginable Space to SDV - ResearchAndMarkets.com

Retrieved on: 
Friday, March 15, 2024
Automotive Manufacturing, Manufacturing, Vehicle Technology, Autonomous Driving, Vehicles, Automotive, ESC, EPB, Freedom, NIO, Original equipment manufacturer, ICC, Intelligence, EPS, EBP, Perception, HPC, Supercomputer, WCBS, EHB, ES7, ECU, Electronics, RBU, Auto Shanghai, Chassis, ABS, CDC, EMB, SBW, NAD, Tech, Instrumentation

The "Passenger Car Intelligent Chassis and Chassis Domain Controller Research Report, 2023" report has been added to ResearchAndMarkets.com's offering.

Key Points: 
  • The "Passenger Car Intelligent Chassis and Chassis Domain Controller Research Report, 2023" report has been added to ResearchAndMarkets.com's offering.
  • Passenger Car Intelligent Chassis and Chassis Domain Controller Research Report, 2023, combs through three integration trends of brake-by-wire, steer-by-wire, and active suspension, and researches chassis control strategies, chassis domain controller products & planning of suppliers and OEMs.
  • Chassis single-system integration is mainly X-by-wire system integration, of which brake-by-wire system integration is the most typical.
  • Chassis intelligence includes not only intra-domain integration, but also cross-domain integration (with intelligent driving domain, body domain, power domain, etc.).

KBRA Assigns Preliminary Ratings to VStrong Auto Receivables Trust 2024-A

Retrieved on: 
Wednesday, March 13, 2024
Banking, Professional Services, Finance, Class, Servicing, Subordination, KBRA, Deposit account, APR, ABS, VSCU

KBRA assigns preliminary ratings to five classes of notes issued by VStrong Auto Receivables Trust 2024-A ("VSTRG 2024-A"), an auto loan ABS transaction collateralized by subprime and nonprime collateral.

Key Points: 
  • KBRA assigns preliminary ratings to five classes of notes issued by VStrong Auto Receivables Trust 2024-A ("VSTRG 2024-A"), an auto loan ABS transaction collateralized by subprime and nonprime collateral.
  • VSTRG 2024-A is the second 144A offering of auto loan ABS for Valley Strong Credit Union (“VSCU”).
  • Initial credit enhancement consists of overcollateralization (“OC”), subordination (except for the Class E notes), a reserve account funded at closing, and excess spread.
  • KBRA considered its operational review of Exeter as well as periodic update calls with the Company.

Pagaya Continues Strong Momentum, Raising More Than $1 Billion Across Two New ABS Deals

Retrieved on: 
Wednesday, March 13, 2024
Data Management, Banking, Technology, Professional Services, Payments, Software, Artificial Intelligence, Other Professional Services, Networks, Fintech, Finance, PAID, Jules Kroll, Growth, RPM, ABS, Bank

Pagaya Technologies LTD. (NASDAQ: PGY) ("Pagaya" or “the Company”), a global technology company delivering AI-driven product solutions for the financial ecosystem, today announced the closing of two new asset-backed securitizations (ABS) – RPM 2024-1 and PAID 2024-3, its 50th and 51st ABS deals, respectively.

Key Points: 
  • Pagaya Technologies LTD. (NASDAQ: PGY) ("Pagaya" or “the Company”), a global technology company delivering AI-driven product solutions for the financial ecosystem, today announced the closing of two new asset-backed securitizations (ABS) – RPM 2024-1 and PAID 2024-3, its 50th and 51st ABS deals, respectively.
  • Kroll Bond Rating Agency rated the transaction.
  • The Company continues to scale its funding network, with over 110 funding partners and $21 billion raised across its ABS transactions since inception.
  • “Our unique ability to deliver diverse, AI-driven assets, coupled with a robust lending partner pipeline is more prevalent than ever,” said Paul Limanni, Pagaya’s Chief Capital Officer.