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Onemain Financial Issuance Trust 2021-1

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Onemain Financial Issuance Trust 2021-1 Presale: OneMain Financial Issuance Trust 2021-1 May 13, 2021 PRIMARY CREDIT ANALYST Preliminary Ratings Trang Luu Austin Preliminary amount (mil. Legal maturity + 1 (214) 765 5887 Class Preliminary rating Type Interest rate $)(i) date trang.luu A-1 AAA (sf) Senior Fixed 235.990 June 16, 2036 @spglobal.com A-2(ii) AAA (sf) Senior Floating 118.000 June 16, 2036 SECONDARY CONTACTS B AA (sf) Subordinate Fixed 54.790 June 16, 2036 Romil Chouhan, CFA New York C A (sf) Subordinate Fixed 33.510 June 16, 2036 + 1 (212) 438 3512 D BBB- (sf) Subordinate Fixed 57.710 June 16, 2036 romil.chouhan @spglobal.com Note: This presale report is based on information as of May 13, 2021. The ratings shown are preliminary. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. Accordingly, the preliminary ratings should not be construed as Mayan Abraham evidence of final ratings. This report does not constitute a recommendation to buy, hold, or sell securities. (i)The actual size of these tranches New York will be determined on the pricing date. (ii)The class A notes aggregate initial balance will be equal to $353.99 million, of which the class A-2 + 2124381905 notes will not exceed one-third of the total amount of class A notes. The class A-2 interest rate will be a floating rate indexed to SOFR plus a margin (to be determined). SOFR--Secured Overnight Financing Rate. mayan.abraham @spglobal.com Profile Expected closing date May 26, 2021. Collateral Personal consumer loan receivables. Servicer, administrator, performance support OneMain Finance Corp. provider, calculation agent Sellers OneMain Affiliates. Depositor Springleaf Funding II LLC. Issuer OneMain Financial Issuance Trust 2021-1. Underwriters Barclays Capital Inc., Natixis Securities Americas LLC, RBC Capital Markets LLC, Guggenheim Securities LLC, and NatWest Markets Securities Inc. Indenture trustee, backup servicer, and note Wells Fargo Bank N.A. registrar Owner trustee, depositor loan trustee, and Wilmington Trust N.A. issuer loan trustee www.standardandpoors.com May 13, 2021 1 © S&P Global Ratings. All rights reserved. No reprint or dissemination without S&P Global Ratings' permission. See Terms of Use/Disclaimer 2647049 on the last page. Presale: OneMain Financial Issuance Trust 2021-1 Credit Enhancement Summary OMFIT OMFIT OMFIT OMFIT OMFIT OMFIT OMFIT 2021-1 OMFIT 2020-2 2020-1 2019-2 2019-1 2018-2 2018-1 2017-1 Subordination (% of the initial adjusted loan principal balance) Class 27.45 24.60 16.75 26.25 30.80 29.70 29.20 21.60 A(i) Class 17.15 15.45 7.40 16.60 21.85 21.00 20.40 15.70 B Class 10.85 10.05 0.00 10.35 16.10 15.40 14.75 9.25 C Class 0.00 0.00 N/A 0.00 8.85 8.45 8.80 0.00 D Class N/A N/A N/A N/A 0.00 0.00 0.00 N/A E Reserve account (% of the initial adjusted loan principal balance) Initial 0.47 0.95 0.86 0.47 0.50 0.50 0.50 0.50 Target 0.50(ii) 0.95 0.86 0.50(ii) 0.50 0.50 0.50 0.50 Floor $250,000 0.95 0.86 $250,000 0.50 0.50 0.50 0.50 Overcollateralization (% of the initial adjusted loan principal balance) Initial 6.00 5.00 14.30 5.00 3.45 3.20 2.90 4.10 Target 6.00 5.00 14.30 5.00 3.45 3.20 2.90 4.10 Floor 6.00 5.00 14.30 5.00 3.45 3.20 2.90 4.10 Total initial hard credit enhancement (% of the initial adjusted loan principal balance) Class 33.92 30.55 31.91 31.72 34.75 33.40 32.60 26.20 A(i) Class 23.62 21.40 22.56 22.07 25.80 24.70 23.80 20.30 B Class 17.32 16.00 15.16 15.82 20.05 19.10 18.15 13.85 C Class 6.47 5.95 N/A 5.47 12.80 12.15 12.20 4.60 D Class N/A N/A N/A N/A 3.95 3.70 3.40 N/A E Total credit enhancement, including excess spread (% of the initial adjusted loan principal balance) Class 54.85 56.3 54.19 54.55 52.98 51.82 51.44 44.98 A(i) Class 47.78 49.78 47.39 47.45 46.13 45.04 44.63 40.44 B Class 42.98 45.05 42.64 42.34 41.38 40.42 40.02 35.05 C Class 35.47 38.24 N/A 35.23 33.54 32.88 33.43 26.81 D Class N/A N/A N/A N/A 27.19 26.68 26.85 N/A E www.standardandpoors.com May 13, 2021 2 © S&P Global Ratings. All rights reserved. No reprint or dissemination without S&P Global Ratings' permission. See Terms of Use/Disclaimer 2647049 on the last page. Presale: OneMain Financial Issuance Trust 2021-1 Credit Enhancement Summary (cont.) OMFIT OMFIT OMFIT OMFIT OMFIT OMFIT OMFIT 2021-1 OMFIT 2020-2 2020-1 2019-2 2019-1 2018-2 2018-1 2017-1 Initial 531,917,532 1,052,633,250 957,862,848 947,374,174 654,176,288 380,625,311 650,455,384 987,894,484 adjusted loan principal balance ($) Total 500,000,000 1,000,000,000 820,880,000 900,000,000 631,610,000 368,440,000 631,580,000 947,370,000 securities issued ($) (i)The rating at closing on class A for OMFIT 2020-2, 2020-1, 2019-2, 2019-1, 2018-1, and 2018-2 was 'AAA (sf)', and the rating at closing on class A for OMFIT 2017-1 was 'AA (sf)'. (ii)Percent of the aggregate note balance as of the immediately preceding payment date. Rationale The preliminary ratings assigned to OneMain Financial Issuance Trust 2021-1's (OMFIT 2021-1) $500.00 million personal consumer loan-backed notes reflect: - The availability of approximately 54.9%, 47.8%, 43.0%, and 35.5% credit support to the class A, B, C, and D notes, respectively, in the form of subordination, overcollateralization, a reserve account, and excess spread (see the Credit Enhancement Summary table above for more information). These credit support levels are sufficient to withstand stresses commensurate with the preliminary ratings on the notes based on our stressed cash flow scenarios (see the S&P Global Ratings' Expected Loss section for more information). - Our worst-case weighted average base-case loss for this transaction is 12.53%. This base case is a function of the transaction-specific reinvestment criteria, actual OneMain loan performance to date, as well as a moderate increase in our loss expectation as a result of the COVID-19 pandemic-related macroeconomic environment. Our base case continues to incorporate company loan performance dating back to 2006 and it further reflects year-over-year volatility observed in annual loan vintages across time. - In addition to running stressed cash flows, which in each instance showed timely interest and principal payments made by the legal final maturity date, we conducted additional liquidity analyses to assess the impact of a temporary disruption in loan principal and interest payments over the next 12 months as a result of the COVID-19 pandemic economic effects. The disruptions included elevated deferment levels and a reduction of voluntary prepayments to 0%. Based on our analyses, the note interest payments and transaction expenses are a small component of the total collections from the pool of receivables, and accordingly, we believe the transaction could withstand temporary, material declines in payment levels and still make full and timely liability payments. - To date, OneMain's central facilities and local branches remain open and operational. OneMain has the capacity to shift branch employees to other branches as needed, and has the technological infrastructure to allow employees to work remotely. OneMain branches also have the capability to close loans remotely, as opposed to at branches. - In response to the COVID-19 pandemic, OneMain extended one-month reduced or deferred payment options to borrowers negatively affected by the pandemic, tightened underwriting, and enhanced servicing procedures for its portfolio to reduce exposure to lower credit quality www.standardandpoors.com May 13, 2021 3 © S&P Global Ratings. All rights reserved. No reprint or dissemination without S&P Global Ratings' permission. See Terms of Use/Disclaimer 2647049 on the last page. Presale: OneMain Financial Issuance Trust 2021-1 obligors. While deferment levels rose through March and peaked in April 2020, they decreased in May and June 2020 as deferment levels began to normalize. OneMain has since returned to business as usual policies with enrollment in these borrower assistance programs largely consistent with pre-COVID-19 levels as of March 2021. Furthermore, OneMain has largely reversed the previous credit tightening undertaken in 2020. - Our expectation that under a moderate ('BBB') stress scenario, all else being equal, the assigned preliminary ratings will be within the limits specified in the credit stability section of "S&P Global Ratings Definitions," published Jan. 5, 2021. - The timely interest and full principal payments expected to be made under stressed cash flow modeling scenarios appropriate to the assigned preliminary ratings (see the Payment Structure section for more information). - The characteristics of the pool being securitized and receivables expected to be purchased during the revolving period. - The transaction's payment and legal structures.
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