Non-advertised pseudo-cashback scheme?

My loan book download suggests that just over 0.23% of the QAA and 30DAA is invested in that loan. Multiplying that up by the total balance of the QAA and 30DAA, suggests that this represents £290k, which is just over 80% of the loan.

The QAA/30DAA seems to be the underwriter in this instance, and is already trying to liquidate its entire holding, but only at par. This is undoubtedly the case with most of the other loans having lots of available units.

Conversely, loan 758 seems to have only 48% held in the QAA/30DAA, so has presumably used third party underwriters, some of whom are also looking to offload their holding ASAP having offered a discount, and most of whom are at least trying to liquidate at par.


In many ways, it seems to me that the "access accounts" have been a victim of their own success - the liquidity that they theoretically rely on in the market (provided by manual investors) seems to have largely gone away as almost all new investors are likely to go for the much simpler to operate access account, where liquidity becomes Somebody Else's Problem - manually setting individual targets on hundreds of loans seems likely to be a daunting prospect for all but the most dedicated manual investors.

Hopefully the tools in the pipeline intended to make the MLA easier to operate will help to alleviate this issue, as small investors who prefer diversification to use of a provision fund will hopefully be able to set a target of (say) £10 per loan meeting certain criteria and have the system do that automatically rather than risking RSI by manually setting a £10 target on each loan individually (an operation that's easier now that targets can be set directly from the loan list page, but which still requires a substantial amount of clicking).

Excuse my ignorance but how are you able to see how much of the amount on offer is discounted? I only see "between -1.0% discount and par value". I set the instruction to only buy at discount in order to avoid buying more than my quota for a "par" loan but sometimes this results in not buying any at all.


I am frustrated that I can't simply accept a seller's offer and that is that. It's not really fair to sellers either - they presumably offer a discount in order to attract buyers but potential buyers have no easy way to spot the offers. Most of us get discounts by pure chance.

click on the loan, click on the amount available & it will show availability at each discount level.

Receiving £XY.XY instead of the requested £XY.00 was what put me onto this in the first place...

I wonder what terms they're offering to third party underwriters that makes it profitable for them to dispose of the loan allocations at a 1% discount immediately (and presumably then rinse and repeat).

Not that I mind pocketing all these 1% discounts of course if that's all that's open to me as a lowly "normal" investor.

For 762, that's not for lack of trying - I put in an increased buy order, as I'm sure would several of others having seen your post, but AC's lethargic systems haven't got round to processing that loan yet.

For 758, I had an allocation of £2 of that loan at a discount (having strategically chosen to request £yyy at a discount rather than my normal £xx at par) - the underwriter(s) who offer discounts presumably didn't get very much of that one (perhaps waiting on sales of previous loans to fund it?).

I suppose it's possible that such a deal includes a payment for agreeing to make funds available on short notice, whether they're actually called upon or not, possibly with a significant penalty if an underwriter fails to make funds available to meet their obligations on time. It's perhaps also possible that at least some underwriters got accustomed to collecting that fee whenever possible without expecting more than a small fraction of their underwriting offers to be taken up, so may have been taken by surprise by AC's recent switch to using more underwriter funds as the QAA/30DAA have become almost fully invested.

No transactions for me for 20 hours despite there being large availability on loans I would like to buy

I had some bids satisfied at 10:15 and 20:56 today, but have lots of other, unsatisfied, bids for more than a day despite there being plenty available.

Did the, long promised, speedup code ever get released chris ? It certainly doesn't look like it did.