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Onemain Financial Issuance Trust 2020-1

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Onemain Financial Issuance Trust 2020-1 Presale: OneMain Financial Issuance Trust 2020-1 April 23, 2020 PRIMARY CREDIT ANALYST Preliminary Ratings Trang Luu Dallas Preliminary amount (mil. Legal maturity + 1 (214) 765 5887 Class Preliminary rating Type Interest rate $)(i) date trang.luu A AAA (sf) Senior Fixed 321.820 May 14, 2032 @spglobal.com B AA (sf) Subordinate Fixed 43.640 May 14, 2032 SECONDARY CONTACTS C A (sf) Subordinate Fixed 34.540 May 14, 2032 Romil Chouhan, CFA New York Note: This presale report is based on information as of April 23, 2020. The ratings shown are preliminary. Subsequent information may result in + 1 (212) 438 3512 the assignment of final ratings that differ from the preliminary ratings. Accordingly, the preliminary ratings should not be construed as evidence of final ratings. This report does not constitute a recommendation to buy, hold, or sell securities. (i)The actual size of these tranches romil.chouhan will be determined on the pricing date. @spglobal.com Jonathan Zimmerman New York Profile (1) 212-438-1002 jonathan.zimmerman Expected closing date May 1, 2020. @spglobal.com Collateral Personal consumer loan receivables. Servicer Springleaf Finance Corp. Administrator Springleaf Finance Corp. Sellers OneMain Affiliates. Depositor Springleaf Funding II LLC. Issuer OneMain Financial Issuance Trust 2020-1. Underwriters RBC Capital Markets LLC, Barclays Capital Inc., Citizens Capital Markets Inc., Drexel Hamilton LLC, and Natixis Securities Americas LLC. Indenture trustee, backup servicer, and Wells Fargo Bank N.A. note registrar Owner trustee, depositor loan trustee, Wilmington Trust N.A. and issuer loan trustee www.standardandpoors.com April 23, 2020 1 © S&P Global Ratings. All rights reserved. No reprint or dissemination without S&P Global Ratings' permission. See Terms of Use/Disclaimer 2418434 on the last page. Presale: OneMain Financial Issuance Trust 2020-1 Credit Enhancement Summary OMFIT 2020-1 OMFIT OMFIT OMFIT OMFIT OMFIT SLFT SLFT SLFT (preliminary) 2019-2 2019-1 2018-2 2018-1 2017-1 2017-A 2016-A 2015-B Subordination (% of the initial adjusted loan principal balance) Class 16.75 26.25 30.80 29.70 29.20 21.60 19.70 19.60 19.20 A(i) Class 7.40 16.60 21.85 21.00 20.40 15.70 14.45 11.45 9.80 B Class 0.00 10.35 16.10 15.40 14.75 9.25 8.40 5.80 6.00 C Class N/A 0.00 8.85 8.45 8.80 0.00 0.00 0.00 0.00 D Class N/A N/A 0.00 0.00 0.00 N/A N/A N/A N/A E Reserve account (% of the initial adjusted loan principal balance) Initial 0.86 0.47 0.50 0.50 0.50 0.50 0.50 1.00 1.00 Target 0.86 0.50(ii) 0.50 0.50 0.50 0.50 0.50 1.00 1.00 Floor 0.86 $250,000 0.50 0.50 0.50 0.50 0.50 1.00 1.00 Overcollateralization (% of the initial adjusted loan principal balance) Initial 14.30 5.00 3.45 3.20 2.90 4.10 4.85 4.80 6.31 Target 14.30 5.00 3.45 3.20 2.90 4.10 4.85 4.80 6.31 Floor 14.30 5.00 3.45 3.20 2.90 4.10 4.85 4.80 6.31 Total initial hard credit enhancement (% of the initial adjusted loan principal balance) Class 31.91 31.72 34.75 33.40 32.60 26.20 25.05 25.40 26.51 A(i) Class 22.56 22.07 25.80 24.70 23.80 20.30 19.80 17.25 17.11 B Class 15.16 15.82 20.05 19.10 18.15 13.85 13.75 11.60 13.31 C Class N/A 5.47 12.80 12.15 12.20 4.60 5.35 5.80 7.31 D Class N/A N/A 3.95 3.70 3.40 N/A N/A N/A N/A E Total credit enhancement, including excess spread (% of the initial adjusted loan principal balance) Class 54.19 54.55 52.98 51.82 51.44 44.98 43.89 43.90 41.40 A(i) Class 47.39 47.45 46.13 45.04 44.63 40.44 39.41 37.50 33.40 B Class 42.64 42.34 41.38 40.42 40.02 35.05 34.06 31.70 29.40 C Class N/A 35.23 33.54 32.88 33.43 26.81 26.28 26.70 24.10 D Class N/A N/A 27.19 26.68 26.85 N/A N/A N/A N/A E www.standardandpoors.com April 23, 2020 2 © S&P Global Ratings. All rights reserved. No reprint or dissemination without S&P Global Ratings' permission. See Terms of Use/Disclaimer 2418434 on the last page. Presale: OneMain Financial Issuance Trust 2020-1 Credit Enhancement Summary (cont.) OMFIT 2020-1 OMFIT OMFIT OMFIT OMFIT OMFIT SLFT SLFT SLFT (preliminary) 2019-2 2019-1 2018-2 2018-1 2017-1 2017-A 2016-A 2015-B Initial 466,745,965 947,374,174 654,176,288 380,625,311 650,455,384 987,894,484 684,992,871 559,285,277 335,621,862 adjusted loan principal balance ($) Total 400,000,000 900,000,000 631,610,000 368,440,000 631,580,000 947,370,000 651,770,000 532,430,000 314,450,000 securities issued ($) (i)The rating at closing on class A for OMFIT 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)'. The rating at closing on class A for SLFT 2017-A was 'AA (sf)', for SLFT 2016-A was 'A+ (sf)', and for SLFT 2015-B was 'A (sf)'. (ii)Percent of the aggregate note balance as of the immediately preceding payment date. SLFT--Springleaf Funding Trust. Rationale The preliminary ratings assigned to OneMain Financial Issuance Trust 2020-1's (OMFIT 2020-1's) $400.00 million personal consumer loan-backed notes reflect: - The availability of approximately 54.2%, 47.4%, and 42.6% credit support to the class A, B, and C 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 increased to 12.35%, from 12.25% for OMFIT 2019-2. This base case is a function of both the tighter transaction-specific reinvestment criteria, 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 poorer-performing company loan performance back to 2006 and utilize the highest loss vintages as a starting point. It further reflects year-over-year volatility observed in the worst-performing vintages, and a moderate increase for expected losses under the current macroeconomic environment. - 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. These included elevated deferment levels and a reduction of voluntary prepayments to 0%. Based on our analysis, 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 if needed. www.standardandpoors.com April 23, 2020 3 © S&P Global Ratings. All rights reserved. No reprint or dissemination without S&P Global Ratings' permission. See Terms of Use/Disclaimer 2418434 on the last page. Presale: OneMain Financial Issuance Trust 2020-1 - In response to the COVID-19 pandemic, OneMain has tightened underwriting and enhanced servicing procedures for its portfolio. OneMain has tightened its credit box to eliminate lower credit quality obligors based on a stress-testing exercise that utilizes 2006-2008 vintage consumer loan performance. These changes would reduce the overall number of unsecured loan obligors that previously may have been eligible for an unsecured loan. One Main has also extended one-month deferments, temporarily waived late fees, and delayed credit bureau reporting for eligible affected obligors. - Our expectation that under a moderate ('BBB') stress scenario, all else being equal, our ratings on the class A and B notes will remain within one rating category of the assigned preliminary 'AAA (sf)' and 'AA (sf)' ratings, respectively, for the life of the deal, and our rating on the class C notes will remain within two rating categories of the assigned preliminary 'A (sf)' rating for the life of the deal. The above rating movements are within the one-category rating tolerance for 'AAA' and 'AA' rated securities and a two-category rating tolerance for 'A' and 'BBB' rated securities during the first year (see "Methodology: Credit Stability Criteria," published May 3, 2010).
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