DALLAS–– ALM First is reporting it served as a consultant for UNIFY Financial Credit Union throughout its recent securitization process.
The UNIFY Auto Receivables Trust 2021-1 (UART-2021-1) is the credit union’s first asset-backed securities issuance and is only the second such securitization to be completed in the entire industry since the NCUA’s June 2017 Opinion Letter affirming credit unions could conduct securitizations, the company said.
The $3.36-billion UNIFY Financial is based in Torrance, Calif. As CUToday.info reported here, the credit union is marketing a $300-million bond offering in the asset-backed securities market, securitizing the offering with a portfolio of select, long-term prime auto loan originations,
“For high-volume lenders like UNIFY, securitization provides access to deeper and wider capital markets, paving the way for future scalability, more liquidity and better pricing,” said Travis Goodman, principal of ALM First. “In our role as a strategic advisor, we act as the credit union’s advocate each step of the way. From the initial idea stage to the broker-dealer selection, ratings agency process, and maximizing deal economics, our team’s combination of capital markets expertise and long-standing credit union partnerships is invaluable.”
Day 2 of Financial Institute
Meanwhile, during the second day of ALM First’s Financial Institute, attendees were offered a variety of educational sessions to choose from within two customized learning tracks.
Experts from ALM First shared best practices on a wide range of topics including asset liability management fundamentals, investment portfolio management and mortgage assets, the company reported.
The Fundamental learning track focused on key definitions, explanations of various processes and measurement tools, along with industry best practices. Some of the educational sessions within this track included ALM Fundamentals: NII & Gap, NEV/EVE, Investment Portfolio Management and How to Evaluate Broker Proposals & Avoid Potential Pitfalls, ALM First said.
The Mortgage learning track focused on developing a better understanding of mortgage assets and included An Introduction to Mortgage Assets & Mortgage Risk Analytics, Understanding Risk & Return, Evaluating Mortgage Returns and Complexities in Hedging Mortgages.
In addition to the live sessions, attendees had on-demand access to replay sessions from both learning tracks at their convenience.