Category Archives: SFA Research

Private structured credit, known as Private Asset-Based Finance (Private ABF), is rapidly gaining traction as issuers seek diverse capital sources and banks adjust their lending practices.

This week we are excited to introduce our Research Feature, part of a suite of research products that explore emerging trends in the broader economy and their potential impact on securitization. Our inaugural feature, titled...

In a recent analysis of 28 private credit loans and 15 broadly syndicated loans, Moody’s identified a noticeable correlation between the expanding size of private credit loans and the diminishing presence of financial maintenance covenants....

On September 26, Ent Credit Union, a federally insured state-chartered credit union (FISCU) in Colorado, issued its first auto loan ABS. This is the sixth credit union auto ABS this year, bringing the total to...

SFA’s Research Corner considers credit card ABS which, unlike other asset classes, are tied to the prime rate and are particularly sensitive to the Fed’s rate hikes. Credit card debt is nearing a record $1 trillion, up...

In Research Corner, we see the waiting game playing out in student loans and student loan ABS (SL ABS). Performance for post-2010 private credit SL ABS and private credit refinancing SL ABS has been “solid” thus far,...

The latest issue of Research Corner considers unsecured consumer debt—closed-end installment loans used primarily to consolidate existing debt, cover emergency expenses or make large purchases. By the end of Q3 2022, 22 million Americans held these loans...

This issue of the SFA Research Corner draws from the recent FED Senior Loan Officer Opinion Survey on Bank Lending Practices (SLOOS) which showed stronger demand for credit card loans even as banks tighten access to credit for...

SFA’s Market Snapshot presents updates on new issuance of RMBS and CMBS (both agency and non-agency), ABS and CLOs in a month where investors sought the relative safety of highly-rated securitizations amidst broader market volatility. Auto loan...

SFA’s Research Corner reviews non-agency RMBS and the recent trends in cash-out refinancings, a loan product that was prevalent in the run up to the 2008 housing crisis. While levels of cash-out refi’s have risen...

Thirty-four corporate obligors whose leveraged loans are held by U.S. Corporate Loan Obligations (CLOs) were downgraded in August. This is the highest monthly number of CLO-held loan downgrades since July 2020, according to S&P’s SF Credit Brief....