Jefferies is rumoured to be helping revive Lending Club’s hindered loan securitisation via a bond deal that is being pre-marketed to select investors, according to buyside sources quoted by Reuters. The bond, worth around $140m, was put on hold upon the resignation of Lending Club’s CEO back in May, and Jefferies is now said to be considering selling a two-tranche trade that is predicted to offer yields approximately 60%. The sources added that the top class note of less than one year is between 4.25% and 7% subscribed, while the longer two-year note was said to be fully covered. If the deal is successful, it is thought that Goldman Sachs may revive its own Lending Club bond deal.
Jefferies is rumoured to be helping revive Lending Club’s hindered loan securitisation via a bond deal that is being pre-marketed to select investors, according to buyside sources quoted by Reuters. The bond, worth around $140m, was put on hold upon the resignation of Lending Club’s CEO back in May, and Jefferies is now said to be considering selling a two-tranche trade that is predicted to offer yields between 4.25% and 7%. The sources added that the top class note of less than one year is approximately 60% subscribed, while the longer two-year note was said to be fully covered. If the deal is successful, it is thought that Goldman Sachs may revive its own Lending Club bond deal.