“The inaugural issuance of Sequence 2020-A out of CFC’s newly shaped grasp belief subsidiary was met by overwhelming investor demand because the transaction was greater than six occasions oversubscribed, reflecting sturdy investor demand for mounted earnings securities” stated Tamer El-Rayess, CFC’s Chairman.
“In March of 2020 the mounted earnings investor market started shedding client danger backed securities, because it anticipated the buyer to be strained, given the spike in unemployment. Nevertheless, CFC noticed very strong buyer conduct, as cardholders paid down their balances, whereas utilizing their bank cards primarily for important purchases corresponding to groceries and different on-line purchases. We’re very proud to supply a necessary product to our clients to allow them to make purchases on-line and pay for on a regular basis gadgets with out having to deal with money. CFC’s expertise in each current main financial occasions, the 2008 Nice Monetary Disaster and the Pandemic of 2020, show the significance of our merchandise to help our clients by these tough occasions,” added El-Rayess.
CFC President Steve McSorley famous, “Not solely is our bank card product important to our underserved buyer, however the efficiency of our portfolio throughout each monetary crises highlighted by Mr. El-Rayess illustrate the resilience of our merchandise throughout occasions of financial stress. Not like prime credit score merchandise with excessive balances, CFC clients view their bank card account as one among their most vital monetary instruments within the conduct of their on a regular basis life. We observe counter cyclical conduct throughout occasions of stress, versus the prime bank card market.” Mr. McSorley additionally remarked “The 2020-A transaction will scale back the corporate’s total price of funds by a number of hundred foundation factors, which is able to permit CFC to help its financial institution companions as they collectively enhance their providing of bank cards to the underserved market.”
About Continental Finance Firm
Based in 2005, Continental Finance Firm is devoted to being the main marketer and servicer of bank cards to the close to prime market. Its mission is easy, but clear. The corporate goals to assist its clients construct each their credit score and monetary futures, whereas offering white glove therapy they don’t obtain elsewhere. It measures its success by its clients’ monetary success and strives for 100% buyer satisfaction.
The corporate all the time thinks of its buyer first, serving to them to financial institution higher all through their credit score constructing course of. The objective is to ascertain belief, confidence, and worth with its clients by delivering an unmatched expertise all through the client’s rebuilding of their credit score journey. The corporate goals to show its worth and stay the bank card of alternative amongst its clients, incomes their loyalty within the hope we stay their life-long bank card supplier.
SOURCE Continental Finance Firm, LLC