To keep cash flowing to the notes, the deal's senior notes have an interest reserve account covering three months' worth of class A note interest payments and fees.

Classes A-1FCF through A-1F will repay noteholders on a pro rata basis, while classes A2 through B3 will be repaid sequentially.

Last week's bond market turmoil continued leading up to the FOMC decision on Wednesday, pushing the 30-year fixed to near or over 7%, depending on the source.

Federal Reserve Chair Kevin Warsh framed the central bank's move to increase interest rates as a moderate adjustment to rapid economic growth during his post-Federal Open Market Committee press conference.

The market initially showed relief after the initial confirmation of an anticipated inflation-fighting hike but discussion of a future raise renewed concern.

To keep cash flowing to the notes, the deal's senior notes have an interest reserve account covering three months' worth of class A note interest payments and fees.

Classes A1 through A4 benefit from credit enhancement levels of 27.00%; while classes B, C and D benefit from credit enhancement levels of 22.75%, 18.25% and 13.50%, respectively.

ODAS IV 2026-1 will issue expandable term notes, so that at any time during the revolving period the issuer can periodically upsize the notes to a maximum of $626 million.

Anxieties over AI drew attention from Democrats and Republicans during Treasury Secretary Scott Bessent's testimony at the House Financial Services Committee.

The series 2026-1, A-1-V and 2026-1, A-2, issued from a master trust, have an anticipated repayment date of September 2031.

More depositories are getting involved in the securitized market and the competition is likely to add to expense management challenges of smaller balance loans.

Meanwhile, Moody's cites the need for investment in power transmission infrastructure to keep pace with rising energy demands to new run data centers.