Citigroup Selling $377 Million of Bonds Backed by Prosper Loans
Citigroup Inc. is marketing about $377 million of bonds backed by loans originated through Prosper Marketplace Inc. in the latest example of Wall Street helping to fuel the online-lending industry.
Peer-to-peer, or marketplace, lenders once set out to bypass big banks by directly matching borrowers with individuals who wanted to fund them. The loans created on platforms run by Prosper and LendingClub Corp. have since gained popularity on Wall Street as fund managers chase higher returns and bankers seek new assets to package into bonds that can be sold to other yield-starved investors.
Read full article at bloomberg.com
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