MOCA 2016-1 follows on the heels of S-BOLT 2016-1 with Consumer 'Marketplace' AB

I wrote a follow up article this week (Alt Fi News) on the new P2P securitisation from Zopa (Marketplace Originator Consumer Assets 2016-1). The key take away points were (i) the introduction of Fitch as a new rating agency for this class in EMEA (ii) Standard & Poor's were either not approached or the Class A note ratings were above their rating ceiling for this asset class and (ii) the absence of any 'SME' characteristics meant that European Investment Bank/European Investment Fund, unlike S-BOLT 2016-1, did not participate in this transaction.

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SBOLT 2016-1 Europe's First Peer-to-Peer SMS ABS

I recently wrote an article for the 'marketplace platform' publication 'Alt Fi News'. It concerned the first European P2P ABS which was rated by Moody's and S&P. In essence one of the institutional investors, KLS Diversified Master Fund, in the Funding Circle platform securitised £130 million of P2P SME loans. Coming on the heels of recent downgrades of similar asset classes in the US, the deal was relatively expensive to place, moreover the Aa3/BBB Class A notes were placed with the benefit of a EIF Guarantee.