KBRA Assigns Rating to Prodigy Finance CM2021-2 DAC
27 Jun 2025 | London
KBRA UK (KBRA) assigns a rating to Prodigy Finance CM2021-2 (Prodigy SPV), a $233.3 million ABS securitisation of unsecured international student loans originated by Prodigy Finance Limited (Prodigy). Prodigy SPV is the second publicly rated securitisation backed by student loans originated by Prodigy. KBRA has assigned a rating to the Senior Loan Facility which has initial credit enhancement of 24.9%.
As of the portfolio date of 7 April 2025, the transaction collateral pool comprised 6,935 US dollar-denominated loans extended to 5,903 borrowers, with an average loan size of $36,517 and an average exposure per borrower of $42,901. 71.4% was in full repayment period, while 16.5% was within an In-Study Grace period and 12.1% in Post-Study Grace. The collateral pool primarily consisted of loans issued for postgraduate courses in the United States (80.7%) and European Union (9.4%) while loans issued for STEM courses constituted 61.8% of the collateral pool. All loans in the collateral pool are fully disbursed.
The transaction features a static collateral pool as of the closing date, with no new assets permitted to be added. Prodigy SPV includes a modified sequential priority of payments, with principal directed to the Senior Facility until the specified overcollateralisation requirement is met.
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