Research Corner

Tracking market movements and macro signals that impact our members, and the performance of businesses and consumers that our market supports.

Our Market Funds
$12 Trillion…

Total Securitizations Outstanding in Trillions (Year-End 2020)

v2 Trillion Year end 1

Total 2022 YTD Private Market Securitization $745 Billion

Pie Chart v4


September 21, 2023

Though total ABS issuance shows a decline of 5% year over year, auto ABS is up 19% with nearly $102 billion of issuance to date due to stronger than expected 1H vehicle sales. With six deals currently in the queue, issuance activity is expected to remain robust in September. If the United Auto Workers (UAW) strike is prolonged, ABS issuance may feel an impact. Credit union securitizations are on the rise—with three deals totaling $793 million so far in 2023, following $760 million in 2022—and are expected to gain in popularity. 

August 31, 2023

By collecting, storing, and processing data to support the platforms and services that support the digital world, data centers play a critical role in the day-to-day functioning of the internet. Remote work and learning, smart technologies, cloud services, and media and social media all added to the increase in global internet traffic—30% annual growth since 2018. Future demand is expected to drive this growth even higher. Data Centers have sought funding from CMBS and CRE CLOs since 2013 and from ABS since 2018, with $6.2 billion of ABS backed by data center revenue issued in 2021.

August 17, 2023

With 36 states having enacted renewable and clean energy goals, securing adequate financing is crucial in states’ efforts to transition effectively. Securitization, through the issuance of Rate Reduction Bonds (RRBs) is increasingly being used to fund these transition cost.

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SFA News

March 31, 2023

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 15% year-over-year. Younger borrowers are mounting debt at nearly twice that rate and also pushing into delinquency at twice the rate for all age groups.

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SFA News

March 17, 2023

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, according to the S&P Student Loan ABS newsletter. The rating agency expects adequate levels of credit enhancement on investment-grade SL ABS to “absorb deterioration and remain stable.”

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SFA News

September 16, 2022

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.

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Elen Callahan

Elen Callahan

Head of Research & Education

Jessica Steele

Jessica Steele

Associate, Research

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