Loan asset – Stan Smith Loans http://stansmithloans.com/ Thu, 12 May 2022 11:57:46 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://stansmithloans.com/wp-content/uploads/2021/07/favicon-23.png Loan asset – Stan Smith Loans http://stansmithloans.com/ 32 32 Panchayat 2 actors Jitendra, Faisal and Raghuvir say ‘language is an asset to our country, we shouldn’t debate it’ | Exclusive https://stansmithloans.com/panchayat-2-actors-jitendra-faisal-and-raghuvir-say-language-is-an-asset-to-our-country-we-shouldnt-debate-it-exclusive/ Thu, 12 May 2022 10:30:16 +0000 https://stansmithloans.com/panchayat-2-actors-jitendra-faisal-and-raghuvir-say-language-is-an-asset-to-our-country-we-shouldnt-debate-it-exclusive/ The cast of Panchayat 2 is ready for the new season to premiere on Amazon Prime Video. Speaking to IndiaToday.in, Jitendra Kumar, Raghuvir Yadav spoke about the ongoing debate between Hindi and the language of the South. Panchayat 2 launches Jitendra, Raghuvir and Faisal on the language barrier STRONG POINTS Language cannot be a barrier […]]]>

The cast of Panchayat 2 is ready for the new season to premiere on Amazon Prime Video. Speaking to IndiaToday.in, Jitendra Kumar, Raghuvir Yadav spoke about the ongoing debate between Hindi and the language of the South.

Panchayat 2 launches Jitendra, Raghuvir and Faisal on the language barrier

STRONG POINTS

  • Language cannot be a barrier and it never has been.
  • Linguistic diversity is supposed to be an asset for a country, you argue
  • I regard language as fluid music

Panchayat 2 is set to release on the Amazon Prime Video OTT platform next week. The show brings back the original cast, Jitendra Kumar of The Kota Factory fame, Faisal Malik and Raghuvir Yadav. They are to reprise their roles from the first season. Panchayat is one of the most popular shows of 2020 and has seen a huge increase in viewership over the past year. Speaking to IndiaToday.in, the cast of Panchayat 2 opened up on the ongoing Hindi versus Southern language debate. They shared that language is an asset to our country and there should be no debate about it.

LANGUAGE CANNOT BE A BARRIER: JITENDRA

In a country like India, language cannot be a topic of debate, they said when asked to react to the ongoing debate following a Twitter exchange between Ajay Devgn and Kiccha Sudeep. “It’s difficult to have a language in a country like ours where the dialect changes after a few kilometres. Language cannot be a barrier and never has been. In fact, in the industry, when we watch a movie, the language doesn’t matter if you can feel things,” Jitendra said. To this, Raghuvir added, “I regard language as flowing music.”

LANGUAGE CANNOT BE A DEBATE: FAISAL

Faisal also made a valid point, emphasizing that the language debate is unnecessary. He said: “This cannot be a debate. What is supposed to be an asset for a country, you debate.

Apart from that, the actors also discussed the pressure of the new season and their connection with their respective characters. Raghuvir mentioned that he thinks the hero of the story is its simplicity, which is missing in most shows today.

Panchayat 2 will air on May 20.

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Indian Asset Management Market 2022-2027: Mutual Fund Under-Penetration Offers Growth Potential https://stansmithloans.com/indian-asset-management-market-2022-2027-mutual-fund-under-penetration-offers-growth-potential/ Mon, 09 May 2022 08:31:00 +0000 https://stansmithloans.com/indian-asset-management-market-2022-2027-mutual-fund-under-penetration-offers-growth-potential/ DUBLIN, May 09, 2022–(BUSINESS WIRE)–The report “India Asset Management Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)” has been added to from ResearchAndMarkets.com offer. The Indian asset management market is expected to grow at a CAGR of around 14% during the forecast period. Indian Asset Management Companies (AMCs) own (AUM) worth INR […]]]>

DUBLIN, May 09, 2022–(BUSINESS WIRE)–The report “India Asset Management Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)” has been added to from ResearchAndMarkets.com offer.

The Indian asset management market is expected to grow at a CAGR of around 14% during the forecast period.

Indian Asset Management Companies (AMCs) own (AUM) worth INR 24.46 trillion, of the total assets in the sector, about 80% belong to the top 10 AMCs in the market.

Assets under management by India’s mutual fund industry increased from INR 23.59 trillion in November 2018 to INR 26.94 trillion in November 2019 (based on average assets per month). This represents a growth of 14.21% in assets compared to November 2018. Rising AUMs and regulatory efforts to reduce costs for clients are expected to lower the return (Total Expense Ratio) on AUMs for the sector at long term.

However, the growth in assets under management with a favorable mix and a continued focus on improving operational efficiency argue in favor of sustainable earnings growth. The last few years have witnessed a significant evolution in the asset management industry in India. Individual investors have experienced significant growth and now control nearly 58% of assets under management.

Equities as an asset class have grown in importance, now accounting for almost 45% of assets under management compared to 23% five years ago. Much of this change has been driven by growing penetration in B15 cities which now account for almost a quarter of the AUM.

Main market trends

Increasing SIP Accounts (Systematic Investment Plan):

Systematic Investment Plans (SIPs) have made retail investing more sustainable, protecting investors from market volatility. An average of 9.55 lac SIP accounts each month in the financial year 2019-2020, with an average SIP size of around INR 2,800 per SIP account. Mutual fund SIP accounts stood at 2.94 crore and the total amount raised through SIP in November 2019 was INR 8,273 crore.

SIP has remained the preferred route for retail investors to invest in a mutual fund, as it helps them reduce market timing risk. The SIP installment amount can be as low as INR 500 per month. SIP is like a recurring deposit where you deposit a fixed amount each month.

SIP is a very convenient method of investing in mutual funds with standing instructions to debit your bank account every month, without having to write a check each time. SIP has gained popularity among Indian MF investors as it helps to average Rs costs and invest in a disciplined manner without worrying about market volatility and market timing.

Under Penetration of Mutual Fund offers growth potential:

India lags behind most major countries in the world in terms of mutual fund assets under management as a percentage of gross domestic product (GDP) at just 11% compared to the global average of around 62 %. Relatively low penetration offers significant potential and an opportunity for strong future growth.

India offers huge untapped potential and an opportunity for mutual funds to be an excellent vehicle for channeling household savings into productive investments. The industry has seen exponential growth in the retail base, with the industry adding over 4 crore new accounts and assets under management more than doubling from around INR 11 trillion to over 25,000 INR billion. Another notable trend has been the growing participation of investors from Tier II and Tier III cities, which now account for approximately 23% of individual investor assets in the industry.

Competitive landscape

The report covers major players operating in the Indian asset management market. The market studied presents opportunities for growth over the forecast period, which is expected to further drive competition in the market. The Indian asset management market is consolidated, with major players holding the majority of the market.

For more information about this report visit https://www.researchandmarkets.com/r/3yqlh

See the source version on businesswire.com: https://www.businesswire.com/news/home/20220509005420/en/

contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Officer
press@researchandmarkets.com

For EST business hours, call 1-917-300-0470
For US/CAN call toll free 1-800-526-8630
For GMT office hours call +353-1-416-8900

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Crypto Regulation Discussion with the Managing Director of the Institute of International Finance, Former SEC Commissioner, and Former CFTC Commissioner May 10 at 11 a.m. ET https://stansmithloans.com/crypto-regulation-discussion-with-the-managing-director-of-the-institute-of-international-finance-former-sec-commissioner-and-former-cftc-commissioner-may-10-at-11-a-m-et/ Fri, 06 May 2022 19:33:55 +0000 https://stansmithloans.com/crypto-regulation-discussion-with-the-managing-director-of-the-institute-of-international-finance-former-sec-commissioner-and-former-cftc-commissioner-may-10-at-11-a-m-et/ By Alan Hatfield In the next episode of digital asset series from strategic communications and advisory firm ICR, King & Spalding partner JC Boggs will meet Jessica Renier, Managing Director, Digital Finance at the Institute of International Finance, Troy Paredes , former SEC Commissioner and Brian Quintenz, former CFTC Commissioner will discuss the regulatory outlook […]]]>

By Alan Hatfield

In the next episode of digital asset series from strategic communications and advisory firm ICR, King & Spalding partner JC Boggs will meet Jessica Renier, Managing Director, Digital Finance at the Institute of International Finance, Troy Paredes , former SEC Commissioner and Brian Quintenz, former CFTC Commissioner will discuss the regulatory outlook for the crypto industry on Tuesday, May 10 at 11 a.m. ET. Record, CLICK HERE.

ICR’s Digital Asset Series is a new virtual event forum for thought-provoking conversations with high-level leaders from across the blockchain and digital asset ecosystems. Topics covered at each event are intended to help educate public and private investors and senior executives on the real-world opportunities and applications presented by the digital asset ecosystem.

The first event in the series, held on April 19, saw ICR SVP Juan Arias speak with CEO Gavin Michael of Bakkt, the NYSE-listed technology platform known for enabling consumers, businesses and institutions to unlock the value of digital assets, including cryptocurrency. , and co-founder and CEO Yoni Assia of eToro, the world’s first social investing platform that aims to revolutionize the way people invest and improve financial literacy for investors in products such as crypto, stocks, commodities and currencies.

An additional event has been announced for May 17, with featured speakers to be announced at a later date, each further exploring the future of digital assets as well as the regulatory environment.

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US Car-Mart heads to market with blue chip ABS securitization https://stansmithloans.com/us-car-mart-heads-to-market-with-blue-chip-abs-securitization/ Mon, 18 Apr 2022 20:18:00 +0000 https://stansmithloans.com/us-car-mart-heads-to-market-with-blue-chip-abs-securitization/ America’s Car-Mart Auto Trust 2022-1 (ACMAT 2022-1) is preparing a $400 million securitization of a pool of fixed rate installment loans issued to subprime used vehicle borrowers. ACMAT 2022-1 is the first rated asset-backed security (ABS) sponsored by Rogers, Arkansas-based America’s Car Mart, Inc., according to rating agency Kroll Bond. The Trust will issue four […]]]>

America’s Car-Mart Auto Trust 2022-1 (ACMAT 2022-1) is preparing a $400 million securitization of a pool of fixed rate installment loans issued to subprime used vehicle borrowers.

ACMAT 2022-1 is the first rated asset-backed security (ABS) sponsored by Rogers, Arkansas-based America’s Car Mart, Inc., according to rating agency Kroll Bond. The Trust will issue four classes of Notes.

KBRA Plans to Assign “AA-” Ratings to $236 Million Class A Notes; ‘A-‘ on $52 million Class B notes; “BBB-” on the $74.57 million class “C” notes and “BB-” on the $37.43 million class “D” notes, wrote analysts, Romil Chouhan, Eric Neglia , Michael Espino and Junoh Lee.

Colonial Auto Finance, Inc. is the seller. BNY Mellon Trust of Delaware is the proprietary trustee. America’s Car Mart, Inc. and Texas Car-Mart, Inc. are the initiators. Car-Mart’s management team has been in the subprime auto finance business for more than 40 years and its senior management has an average of 20 years of experience with Car-Mart, KBRA said. Wilmington Trust, NA is the deed trustee, backup server and calculating agent, according to a KBRA pre-sale report released April 13.

The pool’s weighted average FICO score is 553 and the loans have an average principal balance of $11,167, KBRA said. The cars are used and have a weighted average remaining life of 32 months. Their initial weighted average duration was 41 months.

As of February 28, ACMAT 2022-1 had $571.4 million in receivables. The weighted average loan to value ratio is 111.11% and the weighted average maturity period is nine months.

The expected closing date is April 27. The legal expiry date is April 20, 2029.

Car-Mart’s ability to generate net income and a cash position is “viewed favourably” by the rating agency. KBRA noted that Car-Mart has “access to a $600 million revolving credit facility (with a $100 million expansion option) provided by nine financial institutions that matures in September 2024.”

One downside is that rising interest rates — the highest in 40 years in the U.S. — may hurt consumer confidence and leave borrowers with less discretionary income to pay their debts. due to subsequent inflation.

Also, the majority of auto loans come from the South Central region of the United States. Most borrowers live in Arkansas, Oklahoma and Missouri, a concern in the event of natural disasters, regional recession or public health concerns such as the coronavirus outbreak, KBRA wrote.

KBRA applied its Global Structured Finance Counterparty Methodology, Global ESG Rating Methodology and Global ABS Rating Methodology for Automotive Loans as part of its analysis.

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Mitsubishi Estate Logistics REIT Investment: Notice Regarding a Partial Change to the Investment Guidelines of the Asset Management Company https://stansmithloans.com/mitsubishi-estate-logistics-reit-investment-notice-regarding-a-partial-change-to-the-investment-guidelines-of-the-asset-management-company/ Fri, 15 Apr 2022 06:20:14 +0000 https://stansmithloans.com/mitsubishi-estate-logistics-reit-investment-notice-regarding-a-partial-change-to-the-investment-guidelines-of-the-asset-management-company/ April 15, 2022 For immediate release Real Estate Investment Trust Securities Issuer 1-6-5 Marunouchi, Chiyoda-ku, Tokyo Mitsubishi Estate Logistics REIT Investment Corporation Representative: Ken Takanashi, Managing Director (Value code: 3481) Asset management company Mitsubishi Jisho Investment Advisors, Inc. Representative: Tetsuya Masuda, President and CEO Contact: Ken Takanashi, Managing Director Manager, Logistics REIT Management Department TEL: […]]]>

April 15, 2022

For immediate release

Real Estate Investment Trust Securities Issuer

1-6-5 Marunouchi, Chiyoda-ku, Tokyo

Mitsubishi Estate Logistics REIT Investment Corporation Representative: Ken Takanashi, Managing Director

(Value code: 3481)

Asset management company

Mitsubishi Jisho Investment Advisors, Inc. Representative: Tetsuya Masuda, President and CEO Contact: Ken Takanashi, Managing Director

Manager, Logistics REIT Management Department

TEL: +81-3-3218-0030

Notice regarding the partial modification of the investment guidelines of the asset management company

Mitsubishi Estate Logistics REIT Investment Corporation (“MEL”) today announces that its asset management company, Mitsubishi Jisho Investment Advisors, Inc. (“Asset Management Company”), has decided to partially amend the guidelines for investment management company (“Guidelines”), as set out below:

1.

Details and Rationale for Amendments to the Investment Guideline

MEL acquired LOGIPORT Kawasaki Bay (45% co-ownership in trust) and Logicross Atsugi II (total acquisitionprice: 45,838 million yen) (“the acquisitions”) on March 1, 2022. Following the acquisitions, the size of MEL’s assets reached 216.2 billion yen. Since the IPO, MEL had set a medium-term asset size target of 200 billion yen and a long-term target of 300 billion yen. Having reached an asset size of 200 billion yen through acquisitions, MEL is changing the medium-term asset size target set in the guideline to 300 billion yen.

In addition, to maximize value for unitholders, MEL implements sustainability initiatives such as improving environmental consideration, social contributions and corporate governance (” ESG”). In order to further clarify its future ESG initiatives, the Management Company adds the consideration of sustainability to the portfolio construction policy defined in the Directive and also adds a management policy based on sustainability to its operating and management policy. management in the Directive.

The following is a summary of the management policy based on added sustainability.

As part of a management based on a sustainable development policy, the asset management company must take the following measures according to the materiality defined by the MEL.

I. Responding to Climate Change/Improving Portfolio Resilience

We proactively pursue energy efficiency and take steps to reduce greenhouse gas emissions across our portfolio by installing and switching to energy efficient products and using renewable energy.

II. Resource saving

We strive to improve water use efficiency and implement 3R (reduce, reuse, recycle) waste programs to effectively utilize the limited resources in our portfolio.

III. Improved Health, Safety and Comfort/Improved Tenant Satisfaction

We are implementing disaster preparedness and damage prevention measures in our portfolio and working to increase tenant safety. We promote the improvement of operating methods according to the needs of our tenants, the installation of equipment and improve tenant satisfaction.

IV. Contribution to local communities and establishment of community contribution programs

We strive to build goodwill relationships with external stakeholders, including tenants, property managers and all other actors in the supply chain, as well as with local communities and local governing bodies.

2.

Effective date

April 15, 2022

3. Others

The MEL does not expect the partial modification of the guideline to have an impact.

For more information about Mitsubishi Estate Logistics REIT Investment Corporation, please visit:https://mel-reit.co.jp/en/

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BNP Paribas Leasing Solutions partners with Ritchie Bros. Asset Solutions https://stansmithloans.com/bnp-paribas-leasing-solutions-partners-with-ritchie-bros-asset-solutions/ Thu, 14 Apr 2022 11:34:05 +0000 https://stansmithloans.com/bnp-paribas-leasing-solutions-partners-with-ritchie-bros-asset-solutions/ BNP Paribas Leasing Solutions, a European equipment finance provider that managed more than €35.7 billion ($38.95 billion) in assets in 2021, has selected Ritchie Bros. Asset Solutions and its suite of remarketing tools for its valuation and asset management workflows. “It is essential for us to be able to estimate the value of the equipment […]]]>

BNP Paribas Leasing Solutions, a European equipment finance provider that managed more than €35.7 billion ($38.95 billion) in assets in 2021, has selected Ritchie Bros. Asset Solutions and its suite of remarketing tools for its valuation and asset management workflows.

“It is essential for us to be able to estimate the value of the equipment we finance in order to be able to integrate precise residual values ​​into our contracts and offer more attractive solutions to our customers”, Pierre Pavec, head of asset management and circular economy at BNP Paribas Rental Solutions, said. “With asset valuation curves from Ritchie Bros. Asset Solutions, finance calculator and line listing data from Mascus, we are able to refine our estimation models on all the equipment we finance and to set up financing programs that meet the needs of our customers and partners.

Ritchie Bros technology. Asset Solutions enables banks, leasing companies and other industrial equipment owners to streamline their asset tracking, valuation and disposal workflows. Users have access to a database of millions of trading asset transactions, enabling them to make data-driven decisions regarding payout rates and risk exposure. Ritchie Bros. Appraisal Services Asset Solutions can also help financial companies monitor and comply with Basel risks and regulatory requirements.

Asset disposition workflows are integrated with software from Ritchie Bros. Asset Solutions so that users can transfer their assets to a sales channel of their choice, including non-reserved auctions, an online reserved marketplace and an announcement listing website. Other services can also be arranged from the platform, including repossession and logistics, admission inspections, refurbishment and advice on repossessed and end-of-lease assets.

“We are very pleased to have BNP Paribas Leasing Solutions on board, the world’s largest leasing provider,” said Tim Scholte, vice president and general manager of Mascus and Ritchie Bros. AssetSolutions. “This is a big step forward for the Ritchie Bros. Asset Solutions platform that we are continuously developing and we look forward to working with the BNP Paribas Leasing Solutions team to help them maximize the value of their assets.”

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Are Fintechs Pennywise & Pound crazy? https://stansmithloans.com/are-fintechs-pennywise-pound-crazy/ Mon, 11 Apr 2022 18:00:00 +0000 https://stansmithloans.com/are-fintechs-pennywise-pound-crazy/ When a consumer goes to borrow, whether it is a credit card or a loan, there is a basic assumption that the lender will be ready with funds. The request is made to a bank, credit union, or fintech that specializes in lending money. However, there is more than just an approved lender with a […]]]>

When a consumer goes to borrow, whether it is a credit card or a loan, there is a basic assumption that the lender will be ready with funds. The request is made to a bank, credit union, or fintech that specializes in lending money.

However, there is more than just an approved lender with a marketing process. In the case of a credit card, the financial institution must be prepared to cover the borrower’s request for the line of credit, and in the case of an installment loan, the financial institution must be prepared to deliver funds at closing.

For the funding process to work, financial institutions must have the funds available on their balance sheets or have access to a warehouse line of credit. If the funds come from the balance sheet, this will reduce a bank’s liquidity, moving cash into an account that will grow as the funds consume the line of credit. If the funding is from a warehouse line of credit, the financial institution or fintech will use those funds to support the borrowing.

These actions are transparent to the borrower except when funds tighten. To manage loss reserves, financial institutions need to calibrate their lending needs with their available liquidity to keep the lending function running smoothly. A lot more goes into the process than the typical borrower expects.

What major institutions and many fintech lenders do is originate the loans, age the loans to season the account, and then condition the loans for asset-backed securitization (ABS). The ABS process allows the financial institution to transfer accounts from its balance sheet to a pool of investors, which frees up liquidity for additional lending. This way, lenders can continue to reinvest in new borrower accounts.

Lenders such as American Express, Bank of America, Barclaycard, Chase, Citi, Discover and Wells Fargo are examples of leading lenders deploying the ABS strategy. All rely on the use of the FICO score as a measure of asset quality. Institutional investors, such as the California Teacher’s Retirement Fund, or portfolio managers, such as Vanguard, will take positions in ABS offerings to increase their returns beyond the level of government securities. A few basic points make a difference when you are responsible for investment returns.

The ABS process works well for large lenders because investors need critical mass. The strategy is not effective for lenders with loan portfolios below $5 billion, as volumes are generally insufficient for the needs of institutional investors.

Some fintech lenders use an alternative scoring, and it seems some newer lenders are less stringent when it comes to FICO scoring. Instead, the fintech can use its proprietary score, either throughout the process or only at the origin. And that brings us to today’s story from The Wall Street Journal.

The headline screams, “Investors are getting cautious about consumer debt” and explains how “demand is easing for bonds backed by loans from riskier borrowers.”

Buyers of bonds backed by subprime auto loans or credit cards are demanding the highest premiums over benchmark interest rates since mid-2020. Meanwhile, investors punished the shares of some fintech companies that helped fuel a recent surge in consumer borrowing, like Affirm Holdings and Upstart Holdings.

Clayton Triick, portfolio manager at Atlanta-based Angel Oak Capital Advisors, said he was especially wary of debt incurred by people with low credit ratings. Angel Oak “ate on the edges” when buying so-called consumer asset-backed securities in 2022, he said, buying smaller amounts of new bonds.

Wall Street’s consumer debt craze helped fund a surge in lending. About $900 billion in consumer loans that were bundled into tradable lots and sold to investors in the form of bonds were outstanding last year, Moody’s data showed, supporting record borrowing for homes, cars and even electronics. Household debt topped $15 trillion for the first time last year, according to the New York Federal Reserve.

For more insight on fintechs grabbing installment loan volume, check out this recent Mercator report titled Installment Loans: Fintechs Gaining Ground on Loan Forecast at $212 Billion.

This year, investors have largely sold bonds, driving up yields, which rise when prices fall. But consumer debt yields are rising even faster, a sign that traders believe relative risk is rising. Bonds backed by the most traded category of subprime auto loans recently yielded 1.45 percentage points more than standard benchmarks, according to data from JPMorgan Chase & Co., against a premium or spread of 0, 9 percentage points at the start of the year. Yields also climbed for bonds backed by credit card debt and other types of consumer debt.

But, for fintechs, the market is not so rosy.

Rising costs in the bond market prompted at least one consumer lender to cancel new financing in recent weeks: Affirm, which specializes in “buy now, pay later” loans for online purchases, withdrew a bond of $500 million backed by the loans in March after a large investor demanded a higher interest rate on the deal, according to a hedge fund manager.

“We have made the decision to suspend the issuance of the refinancing operation in view of the extreme price volatility due to heightened macroeconomic uncertainty,” an Affirm spokesperson said.

A spokesperson for Upstart declined to comment. Upstart’s chief financial officer, Sanjay Datta, said in a call with analysts in February that the company does not expect significant issues from the increase in defaults.

Ouch, the downstream effect is costly.

Shares of Affirm and its competitor Upstart have each lost about 75% since November, when late payments began to mount, according to FactSet. Short interest as a percentage of shares outstanding tripled for Upstart to around 15% and nearly doubled for Affirm to 6%, according to data from S&P Capital IQ.

Remember, the economy may be feeling good, but there are bumps ahead.

Late payments for several types of securitized consumer receivables are on the rise. In February, the share of subprime auto loans more than 60 days past due was 4.77%, down from 3.74% a year earlier and the highest level since April 2020. Delinquencies on credit card payments credit also rose from the lows reached last year. , although at a more moderate pace.

And a Lord Abbett portfolio manager sums it up nicely:

“It is incumbent on an ABS investor to be vigilant about changing underwriting standards,” Castle said.

This is where we believe the FICO score comes in. The inclusive strategies found in exclusive scoring can help open the sales funnel, but ultimately where investors need consistent measurement, the FICO score provides a risk-based perspective for a wide variety of consumer borrowing, from auto loans to credit cards, consumer loans, and even timeshares. A 720 FICO score means something to the investor, as does a 600. A homeowner score used beyond loan booking can be attractive, but when it comes to assessing risk, many variables can create a cloudy environment for investors.

Preview by Brian RileyDirector, Credit Advisory Services at Groupe Conseil Mercator

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Oportun Financial: Sells $228 Million Loans Through Depreciating Asset-Backed Securitization – Form 8-K https://stansmithloans.com/oportun-financial-sells-228-million-loans-through-depreciating-asset-backed-securitization-form-8-k/ Wed, 06 Apr 2022 20:53:25 +0000 https://stansmithloans.com/oportun-financial-sells-228-million-loans-through-depreciating-asset-backed-securitization-form-8-k/ Oportun sells $228 million in loans through depreciating asset-backed securitization SAN CARLOS, CA. – April 4, 2022 – Oportun (Nasdaq: OPRT), a mission-driven fintech and digital banking platform, today announced the sale of $228 million in loans through the issuance of amortizing asset-backed notes secured by a pool of its unsecured assets and secured personal […]]]>

Oportun sells $228 million in loans through depreciating asset-backed securitization

SAN CARLOS, CA. – April 4, 2022 – Oportun (Nasdaq: OPRT), a mission-driven fintech and digital banking platform, today announced the sale of $228 million in loans through the issuance of amortizing asset-backed notes secured by a pool of its unsecured assets and secured personal installment loans. Oportun and funds managed by Ellington Management Group both provided collateral and co-sponsored the transaction, which totaled $400 million in asset-backed notes issued. The Notes were priced with a weighted average fixed interest rate of 3.83% per annum. Oportun also sold its portion of the residual interest in the pool. By selling both its notes and residual interest, Oportun completed a loan sale at an aggregate yield of 6.75% on its share of the transaction.

“We are delighted with this transaction as the structure allowed us to sell our loans at an attractive price while generating capital and reducing our credit exposure,” said Jonathan Coblentz, Chief Financial Officer and Chief Administrative Officer of Oportun.

The offering included three classes of fixed rate notes: Class A, Class B and Class C Notes. DBRS, Inc. rated all classes of Notes with ratings of AA (low) (fs), A (low) (fs) and BBB (low) (fs), respectively. Kroll Bond Rating Agency, LLC has rated the Class A and Class B Notes, assigning A (sf) and BBB (sf) ratings respectively. The Notes were placed with a diverse mix of institutional investors in a private offering pursuant to Rule 144A of the Securities Act of 1933, as amended. Goldman Sachs & Co. LLC acted as sole bookrunner.

About Opportun

Oportun (Nasdaq: OPRT) is an AI-powered digital banking platform that seeks to make financial health effortless for everyone. Driven by a mission to provide inclusive and affordable financial services, Oportun helps its nearly 1.5 million hardworking members meet their daily borrowing, saving, banking and investing needs. Since its inception, Oportun has provided over $12 billion in responsible and affordable credit, saved members over $2 billion in interest and fees, and automatically helped members set aside over $7.2 billion for rainy days and other needs. In recognition of its responsibly designed products, Oportun has been certified as a Community Development Financial Institution (CDFI) since 2009.

Warning

Opportun Financial Corp. published this content on 06 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unmodified, on Apr 06, 2022 20:51:41 UTC.

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Oportun sells $228 million in loans through depreciating asset-backed securitization https://stansmithloans.com/oportun-sells-228-million-in-loans-through-depreciating-asset-backed-securitization/ Mon, 04 Apr 2022 20:05:00 +0000 https://stansmithloans.com/oportun-sells-228-million-in-loans-through-depreciating-asset-backed-securitization/ SAN CARLOS, Calif., April 04, 2022 (GLOBE NEWSWIRE) — Porto OPRT, a mission-driven financial technology and digital banking platform, today announced the sale of $228 million in loans through the issuance of amortizing asset-backed notes secured by a pool of its personal installment loans. unsecured and secured. Oportun and funds managed by Ellington Management Group […]]]>

SAN CARLOS, Calif., April 04, 2022 (GLOBE NEWSWIRE) — Porto OPRT, a mission-driven financial technology and digital banking platform, today announced the sale of $228 million in loans through the issuance of amortizing asset-backed notes secured by a pool of its personal installment loans. unsecured and secured. Oportun and funds managed by Ellington Management Group both provided collateral and co-sponsored the transaction, which totaled $400 million in asset-backed notes issued. The Notes were priced with a weighted average fixed interest rate of 3.83% per annum. Oportun also sold its portion of the residual interest in the pool. By selling both its notes and residual interest, Oportun completed a loan sale at an aggregate yield of 6.75% on its share of the transaction.

“We are delighted with this transaction as the structure allowed us to sell our loans at an attractive price while generating capital and reducing our credit exposure,” said Jonathan Coblentz, Chief Financial Officer and Chief Administrative Officer of Oportun.

The offering included three classes of fixed rate notes: Class A, Class B and Class C Notes. DBRS, Inc. rated all classes of Notes with ratings of AA (low) (fs), A (low) (fs) and BBB (low) (fs), respectively. Kroll Bond Rating Agency, LLC has rated the Class A and Class B Notes, assigning A (sf) and BBB (sf) ratings respectively. The Notes were placed with a diverse mix of institutional investors in a private offering pursuant to Rule 144A of the Securities Act of 1933, as amended. Goldman Sachs & Co. LLC acted as sole bookrunner.

About Opportun
Timely OPRT is an AI-powered digital banking platform that seeks to make financial health effortless for everyone. Driven by a mission to provide inclusive and affordable financial services, Oportun helps its nearly 1.5 million hardworking members meet their daily borrowing, saving, banking and investing needs. Since its inception, Oportun has provided over $12 billion in responsible and affordable credit, saved members over $2 billion in interest and fees, and automatically helped members set aside over $7.2 billion for rainy days and other needs. In recognition of its responsibly designed products, Oportun has been certified as a Community Development Financial Institution (CDFI) since 2009.

Contact Investor
Nils Erdman
650-810-9074
ir@oportun.com

Media Contact
Usher Liebermann
650-769-9414
usher.lieberman@oportun.com

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Court of Appeals Clarifies Treatment of Asset Retirement Obligations | Bennett Jones LLP https://stansmithloans.com/court-of-appeals-clarifies-treatment-of-asset-retirement-obligations-bennett-jones-llp/ Fri, 01 Apr 2022 15:32:24 +0000 https://stansmithloans.com/court-of-appeals-clarifies-treatment-of-asset-retirement-obligations-bennett-jones-llp/ On March 25, 2022, the Alberta Court of Appeal released its decision in PricewaterhouseCoopers Inc v Perpetual Energy Inc2022 ABCA 111. Briefly, the Court held that Abandonment and Reclamation Bonds (ORAs) oil and gas assets have the effect of reducing the value of those assets for the purposes of fraudulent preference legislation, even though they […]]]>

On March 25, 2022, the Alberta Court of Appeal released its decision in PricewaterhouseCoopers Inc v Perpetual Energy Inc2022 ABCA 111. Briefly, the Court held that Abandonment and Reclamation Bonds (ORAs) oil and gas assets have the effect of reducing the value of those assets for the purposes of fraudulent preference legislation, even though they are not claims provable in bankruptcy. The Court has also ruled that applications for serial summary dismissal on various grounds constitute an abuse of process.

The case further clarifies the judicial treatment of ARO following the Supreme Court of Canada’s decision in Orphan Well Association v Grant Thornton Ltd2019 SCC 5 [Redwater].

PricewaterhouseCoopers in its capacity as trustee in bankruptcy for Sequoia Resources Corp. (Sequoia) sued Perpetual Energy Inc., Perpetual Operating Trust (POT), and Perpetual Operating Corp., and others in 2018. The suit alleges that the sale for nominal consideration of certain oil and gas assets of POT to Perpetual Energy

Operating Corp. constituted an undervalued transfer under section 96 of the Bankruptcy and Insolvency Law (BAI). The transferred assets consisted of mature legacy assets, allegedly with over $200 million in ARO. Sequoia went bankrupt about 17 months after the transfer.

The defendants filed a motion for summary dismissal in 2018. That motion was heard and granted in 2020, but much of it was reversed by the Court of Appeals in 2021 (2021 ABCA 6). In February 2020, the defendants filed a second motion for summary dismissal, seeking to dismiss the claim under section 96 of the BIA, raising different arguments than they had previously (the 2020 claim). The application was again successfully granted in Chambers Justice. The trustee again appealed to the Court of Appeal.

The Court of Appeal ruled that the chambers judge erred in asking whether SOs are “obligations due or accrued” under section 96 of the BIA., rather than asking whether ARO could or should be incorporated elsewhere in the balance sheet solvency test in the definition of insolvent person in the BIA.

The Court held that ARO is an inherent part of asset value that can drive down asset value, although it may not be easily quantified as fixed amounts currently owed to identified creditors. . While acknowledging the difficulty associated with valuing ARO, the Court concluded that this was not sufficient reason to disregard it. Companies routinely calculate ARO for their public disclosure. The chambers judge’s assignment of a zero value to the ARO was therefore an error, particularly when the trustee’s evidence was that the ARO had affected assets in excess of negative $200 million.

Finally, the Court found that the 2020 motion constituted an abuse of the Court’s process by attempting to seek the summary dismissal of the same application a second time, in the absence of a material change. This was a situation where the argument could have been made in the first place, but was not. Litigation in installments is an abuse of process.

Carry

The Alberta Court of Appeal’s definitive statement requiring the calculation and accounting for end-of-life obligations in determining a company’s solvency will make it difficult to transfer ARO for an amount substantially less than its fair value. value without incurring liability either under insolvency proceedings or under fraudulent preference legislation generally.

Bennett Jones was intervenor counsel for the Orphan Well Association in this case.

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