KBRA Assigns Preliminary Scores to Prodigy Finance Worldwide Scholar Mortgage Securitisation

LONDON–(Small business WIRE)–Kroll Bond Rating Agency United kingdom Constrained (KBRA) assigns preliminary rankings to Prodigy Finance CM 2021-1 DAC and Prodigy Finance CM2021-1 LLC, (jointly “Prodigy 2021-1” or the “Issuers”) $303.5 million securitisation of unsecured global student loans originated by Prodigy Finance Minimal (“Prodigy”, the “Company” or the “Servicer”). This transaction is Prodigy’s initially rated securitization collateralized by intercontinental private scholar loans. Prodigy 2021-1 will difficulty Class A Notes, Class B, Class C, Class D and Course R Notes (jointly, the “Notes”).

Prodigy is a student personal loan loan provider with headquarters in London, that commenced lending in 2007 to postgraduate college students attending INSEAD, a private university in France. In 2011 Prodigy expanded its presenting to college students attending other European colleges and in 2014 commenced lending to global pupils attending postgraduate systems in the US.

As of the statical slash-off date, 7 June 2021, the Prodigy 2021-1 collateral pool is comprised of 8,048 US dollar-based mostly financial loans to 6,037 debtors with an ordinary loan measurement of $37,705, an typical for each borrower exposure of $50,265, a weighted common margin of 6.6% above the floating foundation rate resulting in a weighted average recent curiosity price of 6.7% and a weighted normal remaining expression of 12.9 decades. Obligors with Indian citizenship comprise 44.4% of the pool and the subsequent greatest concentrations are Brazil at 9.7% and China at 5.3%. Prodigy estimates that 62.2% of the borrowers who are in the compensation stage presently reside in the US. 84.8% of the pool relates to loans taken out to fund postgraduate programs in the US.

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