The gulf between those at the upper ends of the wealth ladder and lower-income Americans has worsened markedly since the financial crisis, despite the trillions of subsidies that taxpayers provide for housing.
The $533.1 million collateralized loan obligation portfolio has an unusual capital structure; just two senior tranches will be issued, along with a single subordinated tranche comprising more than one-third of the notional value.
It’s not clear whether syndicated credit agreements require 100% investor consent before adopting a new benchmark. The industry trade group suggests giving new loans the flexibility to change indexes without unanimous approval, but investor advocates are balking.
BA Credit Card Trust 2017-2 is an offering of three-year of Class A notesinitially sized at $500 million; it comes six months after the bank's initial trip the securitization market of the year, which raised $2 billion.