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Leveraged Loan Issuance Slumps To $1.6B Amid More Cash Outflows

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Leveraged loan issuance in the U.S. slid to $1.6 billion this week as investors continue to pull cash out of the asset class and the market sets its sights on 2015.

The paltry weekly volume is the smallest total since the dog days of August. With the recent activity, year-to-date leveraged loan issuance in the U.S. now stands at $524.4 billion, down from the $605.2 billion seen at this point last year (the full-year 2013 total was $606.7 billion).

While volume tailing off at year-end might not constitute big news in the loan market, the pace at which investors are retreating from the market is. Indeed, institutions withdrew another $1 billion from the asset class this week, making for a net $13.2 billion withdrawal so far this year, according to Lipper.

The siege on loan funds is so pronounced that the SEC has taken interest, as detailed in this New York Times story yesterday. (More testimony of how impressive the outflows are: The Times usually does not devote significant column inches the leveraged loan market). Perhaps raising most eyebrows in this story: “critics” of leveraged loan funds suggesting that any asset that does not complete settlement within seven days be defined as “illiquid”. Leveraged loan transactions take notoriously long to settle, of course, oftentimes weeks.

To the market proper, bifurcation remains the word, according to LCD’s Chris Donnelly:

Arrangers continued to rework to meet the yield expectations of investors on the most challenging transaction still left in market, but there was plenty of demand for better-rated and less leveraged transactions, allowing other issuers to extract pricing concessions despite the challenging market conditions. In short, it’s still a market of haves and have-nots, exacerbated by sector pressures, stepped-up retail outflows, and year-end fatigue.

As for new issues, there were two transactions out of the handful that emerged this week backing dividends to private equity sponsors. The first is a $300 million credit for Cengage Learning (Apax Partners). The other is a $205 million credit for Vogue International (Carlyle).

[…]

Report: 128K people took out 1M payday loans in SC

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Community Calendar

Thursday May 29

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Movies on the Common Aiken Family Expo / Taste of Home Cooking School / Community Yard Sale

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Kids Count Learning Center Job Fair BRANW Community Craft and Yard Sale Youth Group Car-Wash Fundraiser Super Happy Block Party Aiken Family Expo / Taste of Home Cooking School / Community Yard Sale

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U.S. Leveraged Loan Issuance Totals $10.7B This Week, $140B YTD

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The U.S. leveraged loan market saw $10.7 billion of new issuance over the past week, following up on the $12.8 billion of issuance last week, according to S&P Capital IQ/LCD. The recent activity brings year-to-date leveraged loan issuance to $140 billion, down noticeably from the $176 billion recorded during the same period a year ago.

Even with the relative dip in volume the market remains hot. Indeed, despite caution over the most aggressively structured deals, a number of issuers won tight pricing from investors during the week, with at least seven prices flexes since Monday, according to LCD’s Chris Donnelly. A price flex is when a loan issuer reduces the interest rate or fee offered to potential institutional investors during the syndications process, because of demand for the credit.

In a sign of the continued heated market, over the past few quarters issuer-friendly flexes have dwarfed the amount and number of investor-friendly flexes (where pricing or fees on a loan would be increased, due to lack of demand).

One reason for the flexes. U.S. loan funds just saw their 92nd straight week of net investor cash inflows, totaling a whopping $66.3 billion over that span, according to Lipper, meaning institutional investors are sitting atop a mountain of cash.

Of note this week are two LBO deals, amid the usual roster of opportunistic refinancings.

Private equity concern Berkshire Partners unveiled a $1.6 billion loan backing the buyout of Catalina Marketing, a coupon and consumer communications concern. Like many loans today, the Catalina credit is divided between a covenant-lite tranche (which offers less protection to the lender/investor than do traditionally structured loans), along with a second-lien tranche, which are becoming increasingly popular now, as investors search for yield (and look to put some of that cash to work).

Also this week, private equity shop Hellman & Friedman launched roughly $700 million in loans backing its acquisition of educational software concern Renaissance Learning. As with the Catalina financing, Renaissance features a second-lien tranche.

[…]

Fitch to Rate Access to Loans for Learning Student Loan Corp. Series 2013-I; Presale Issued

NEW YORK–(BUSINESS WIRE)–

Fitch Ratings expects to rate Access to Loans for Learning Student Loan Corporation student loan backed notes, series 2013-I (ALLSLC series 2013-I) as follows:

–$435,800,000 class A, ‘AAAsf(EXP)’; Rating Watch Negative;

–$11,000,000 class B, ‘Asf(EXP)’; Outlook Stable.

KEY RATING DRIVERS

High Collateral Quality: The trust collateral consists of Federal Family Education Loan Program (FFELP) loans with guaranties provided by eligible guarantors and reinsurance provided by the U.S. Department of Education (ED) for at least 97% of principal and accrued interest.

Rating Watch Negative: All existing and new issuances of ‘AAA’ rated tranches of FFELP securitizations are on Rating Watch Negative following the revision of the long-term foreign and local currency Issuer Default Ratings (IDRs) of the U.S.

Sufficient Credit Enhancement: Cash flow scenarios for the notes were satisfactory under Fitch’s stresses. At closing, senior and total parity are expected to be 103.5% and approximately 101.0%, respectively. Total credit enhancement (CE) is provided by overcollateralization (OC) and excess spread. The class A notes will also benefit from 2.46% subordination provided by the class B notes.

Adequate Liquidity Support: Liquidity support for the series 2013-I notes is provided by a $1,125,276 reserve fund (0.25% of the pool balance) which will be funded at closing with note proceeds.

Acceptable Servicing Capabilities: Day-to-day servicing will be provided by Sallie Mae Servicing (Sallie Mae, 53.1%), Great Lakes Education Loan Services Inc., (GLELSI, 42.2%), and Xerox Education Services Inc., (XEROX-ES, 4.7%). All servicers have demonstrated adequate servicing capabilities.

RATING SENSITIVITY

Since FFELP student loan ABS rely on the U.S. government to reimburse defaults, ‘AAAsf’ FFELP ABS ratings will likely move in tandem with the ‘AAA’ U.S. sovereign rating. Aside from the U.S. sovereign rating, defaults and basis risk account for the majority of the risk embedded in FFELP student loan transactions. Additional defaults and basis shock beyond Fitch’s published stresses could result in future downgrades. Likewise, a buildup of credit enhancement driven by positive excess spread given favorable basis factor conditions could lead to future upgrades. For further discussion of Fitch’s sensitivity analysis, please see the presale titled ‘ALLSLC 2013-I’, dated Dec. 6, 2013.

Additional information is available at ‘www.fitchratings.com‘.

Applicable Criteria and Related Research:

–‘Global Structured Finance Rating Criteria’ (May 24, 2013);

–‘Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria’ (May 17, 2013).

Applicable Criteria and Related Research: Access to Loans for Learning Student Loan Corporation, Series 2013-I (US ABS)
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=725997

Global Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661

Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria — Amended
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708795

Additional Disclosure

Solicitation Status
http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=810953

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE ‘WWW.FITCHRATINGS.COM‘. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Security Upgrades & DowngradesFinanceFitch RatingsFFELP Contact:

Fitch Ratings

Primary Analyst

Nicole Edwards, +1-212-908-9114

Director

Fitch Ratings, Inc.

One State Street Plaza

New York, NY 10004

or

Secondary Analyst

Harry Kohl, +1-212-908-0837

Associate Director

or

Committee Chairperson

Tracy Wan, +1-212-908-9171

Senior Director

or

Media Relations, New York

Sandro Scenga, +1-212-908-0278

sandro.scenga@fitchratings.com […]

Payday Loan Reviews: Learning about your Payday Loan Lender …

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Payday Loan Reviews: Learning about your Payday Loan Lender

Payday Loan Reviews: Learning about your Payday Loan Lender

You can go to lots of websites to find payday loan reviews if you are looking to learn something about the top payday lenders who are offering loans today. However, like any other type of online research that you do, it’s important to make sure that you both understand these types of reviews, and have a handle on how to use some critical thinking skills when reading them.
Add caption Here’s the deal, there are some good payday loan reviews online and some not-so-good reviews. You ultimately have to know what you should expect to find in a good review, and how to avoid wasting your time reading the bad reviews. We have put this post together to help you understand these reviews and how to best use the wide array of information available online to get your next payday advance loan.
The Pieces of a Good Payday Loan Review
A good payday loan review should tell you some basic information. Not all reviews are written using the same format, but all of these payday loan reviews should clue you into the same, basic information. Here are some of the pieces you should be on the lookout for when you read these types of reviews.
The Payday Loan Advance Fees
If you are reading a review that was written by a real life customer, you should expect to find a section that tells you about the fees that person had to pay in order to get their loan. Not all reviews will have this information, though, as some reviews are written by people who either forgot to mention this important information when they posted their reviews, or the review in question may be a simple overview-type of review that simply doesn’t tell you anything at all about fees. Remember, all payday loans lenders charge fees, so be on the lookout for this important information when you read reviews.
Payday Loan Terms
Another thing that you’ll want to be on the lookout for when you read different reviews of payday loan services is the terms that a borrower had to agree to when they borrowed money. In a nutshell, the terms of a loan are how long you have to pay your loan back. The vast majority of payday loans are paid back within a few weeks, or maybe a month at the most. If you see any payday loan reviews that talk about paying a loan back over several months, you should avoid using that lender. You don’t want to get locked into any long term loans.
Getting an Online Payday Loan – How Much Can You Borrow?
The reviews that you read should tell you how much money a lending company offers. Most payday lenders will offer you between $100 and $1500. Depending upon how much money you usually bring in on your pay check, you need to decide how much you should borrow when you take out your payday loan.
The Best Payday Loan Direct Lender for your Emergency Cash Needs
It’s important for you to remember that your whole purpose in reading reviews is to find the best lender for your current financial needs. Don’t get caught up in hype or confusing reviews if you are really looking to simply get your loan over and done with. To speed up the process you can skip all the reviews and get an inside line to the best lenders by taking a moment to fill out and submit the loan application form you’ll find on this website.
Payday Loan Reviews – Use Your Head
Don’t assume that every review writer has your best interests in mind. You need to think about what you really need from a lender, and make sure that you take all online reviews with a grain of salt. It’s always best to really use your head when you read any source of information offered on the various websites that are available today. Labels:
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Get Payday Loan in Easy Steps | Technology – Ncate-mena.info


Get Payday Loan in Easy Steps

July 22nd, 2013

Shawn M. Edwards

In America, many people choose a payday loan to cover their unexpected expenses or bridge a short term cash between paydays. A payday loan is a great help to your financial between paydays because you didn’t need to have good credit, it’s easy to obtain and it’s easy to qualify the requirements. You don’t need to wait in line to get the cash, and you will save a lot of time then go to the bank and ask for a loan. You can get money fast and easy from the privacy of your own home by using online payday loan. So, how do payday loans works? Today I will give you step by step instruction about how payday loans work.

First, you need to apply and complete the online application. This step doesn’t take a lot of times, usually the application asks about your basic information and your social security number. Then you need to wait whether you are approved to go to the next step or declined. Make sure at least you are 18 years old, have an active checking account, have a stable job and legal U.S. Citizens.

If you get approved, your cash will be deposited in your account in about 24 hours. As simple as that, and you get your money fast without any hassle. The online payday loan and the fees amount will be debited directly from your bank account.

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Loans up to $ 1000: Payday

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Get your fast loan here: bsitm3.com Apply for $200 to $1000 Get started with our fast & easy application. – Bad Credit OK Poor credit? […]

How to get a payday loan: 60Minute Payday

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OneHourPayday.com Launches New Article Designed to Educate Consumers

Material Strives to Make Learning About Cash Advances Easy for Prospective Borrowers

(PRWEB) August 10, 2012

As part of its effort to better educate would-be

loan borrowers

looking for

financial solutions

, OneHourPayday.com has launched a new online informational article called “Get Money When You Need It With Short Term Loans Online.” The article is designed to help consumers understand when to use

cash advances

and how to make the most of them. OneHourPayday.com is committed to educating people on issues connected to

cash loans

and intends for its newly posted resource to serve as a step towards that goal.

“Although we specialize in helping consumers get short-term loans, we care about their finances for the long term,” says company spokesperson Scott Fields. “We want to help our customers deal with their money issues in a stress-free way, which is why we are constantly introducing new educational articles to our website. Our latest piece will teach consumers about cash advances and what their rights and obligations are when taking out one. We want people to understand how these loans work before they even go looking for one.”

Consumers looking for emergency financial help can turn to OneHourPayday.com for a quick response. The company prides itself in offering quick and easy loan approvals to people in need. Once it approves an individual for help, the company connects them to lenders who can offer them cash loans, which are sometimes also known as one hour payday loans because of how quickly they are disbursed.

Upon a consumer agreeing to a particular loan offer and signing the lender’s contract, the funds are quickly deposited directly into the individual’s checking account. This process allows a customer to get needed money in much less time than it would normally take if they had to drive around to various local storefront lender offices, compare different offers and then eventually cash a physical check. Because a borrower’s paycheck effectively acts as the collateral for their loan, they are expected to repay the loan when their next payday rolls around. Due date extensions are possible in some cases, however.

In order to qualify for a loan, consumers only need to a few simple requirements, show proof of steady monthly income and provide personal information such as their name, address and bank account number. Credit scores are never required and there is also no need for a prospective borrower to send or fax in any additional paperwork in in order to get approval.

Cash advances are primarily intended to provide a temporary solution for a financial emergency and cover expenses such as medical bills and car repairs. They are not meant to be used for nonessential items. OneHourPayday.com is committed to educating consumers on the proper use of these loans so they are able to take full advantage of them of the funds they borrow. The company also firmly believes that well-informed customers are more likely to repay their loans on time and successfully deal with their financial difficulties.

###

Kelsey McBride
OneHourPayday.com
206-486-0496
Email Information

[…]

Payday Loans: Short-term Relief

Cash management is really a problem for many. Knowing how to deal with your payments and your debt properly is really a learned skill. As soon as big debt has built up, it will take determination and focus to get it paid straight down.

Payday loans are small short term loans provided to people regardless of what their credit score appears like. Having quick access to cash has assisted many customers keep up with their budgeted costs while too many unexpected payments or crisis costs creep to the budget before their next paycheck can help. Keeping regular expenses paid on time is really a struggle now and then, but having this particular entry to fast cash keeps many budgets directly on target.

Problems with payday loans arise when people start using these to create more debt realizing that the next paycheck is not going to cover the newest expense. Rolling the particular loans again and again awaiting that big break in the budget is simply eating away at month-to-month income. The extra fees and continued high interest charges add up each month these short term loans aren’t paid off. People who think that payday loans will get them out of debt have found themselves sinking further lurking behind instead.

The rates where payday loans can be found, in comparison with other types of loans, are very high. These types of cash advance loans are meant to be short-term and also the high rates are fantastic motivators to get them paid in well-timed fashion. The company behind payday loans can make money from the loan until it really is paid. Credit cared for companies and banks are no different in lots of ways. The cash collected from your interest provides the business large results. The best difference between the two loans may be the interest rate where a client is charged. Bank cards and banks charge reduced rates which entices individuals to choose them when their credit history permits. The lower cost blinds the expensive road which debtors is going to be paying. Long term interest payments add up and bring enormous income to large companies.

In case you are already in debt, think hard before utilizing a payday loans. The payday loans company is not going to ask the applicant the actual money is going to be useful for as requested by bank loan officers. The simpleness of having a payday loans makes them more attractive to people in need. Getting plan these loans out frequently is not really financially sound. They will no take care of long-term debt, nor will they replace the objective of price range. Learning to control your hard earned money is the best answer when it comes to handling your finances. Saving just as much as you can every month will better prepare funds for future emergency expenses. Misconceptions that payday loans can help get you out of debt are misguiding clients to maintain coming back for further. The small loan can help keep your payments produced in between paychecks. They will help you save money from late or no payment fees in addition to keep your credit stable for your period. Ultimately, it really is up to the person to maintain the total amount between money in and money out there.

[…]