May 17, 2016
excerpt, Asset Securitization Report (May 17, 2016):
"Marketplace [securitization] is in some cases like old middle market CLOs," said Joseph Beach, a partner at law firm Cadwalader, Wickersham & Taft, said, referring to deals backed by loans to smaller companies. He said there are two "big steps," or structural changes, that would make securitizations of marketplace loans more closely resemble CLOs. The first is to introduce revolving, rather than static, pools of loans. "There's no reason why, right now, a marketplace term ABS could not put revolving pool," Beach said. "You can call that a CLO structure."
A more important distinction between securitizations of marketplace loans and CLOs, according to Beach, is that CLOs are backed by loans from a diversified pool of originators. "To me that's more interesting," he said. "Will any aggregator go to multiple [marketplace] originators?"
Dorothy Auth, Howard Wizenfeld
Joshua Apfelroth, Richard Brand, William Mills, Christopher Porcelli, Victoria Saunders
Jean Bertrand, Mark Howe, Jason Schwartz, Gary Silverstein, Linda Swartz, David Teigman, Edward Wei
Jodi Avergun is speaking at this ACI event on January 30 in Washington, DC.