Junior tranches are at the heart of the debate around whether the capital that insurers currently hold against CLOs is sufficient, and the NAIC may soon impose stiffer risk-based capital requirements.

The dollar-denominated auto loan notes are protected by currency swaps.

The underlying portfolio of car, utility vehicle and light-duty truck loans has a weighted average FICO score of 782.

The Mortgage Bankers Association attributes this to muted demand for home purchases and companies trimming their operations.

Ten Western states that benefited from a pandemic-driven boom reported value declines in May, CoreLogic said.

The concentration of FICO scores over 750 in the collateral pool is the highest for Hyundai auto ABS transactions since 2017.

High interest rates could dampen demand for refinancing, which took a hit during the pandemic-era pause in federal student loan payments. "Curb your enthusiasm," one analyst said.

The underlying collateral pool is smaller than in the automaker's comparable ABS transaction in 2022, but with larger principal balances and higher APRs.

Both credit card and student loan issuers made up for tepid starts to 2023 by leaping over their first-quarter production numbers, but it wasn't enough to overcome an overall slide.

After a Supreme Court ruling, forgiveness for education debt looks unlikely but some of those exiting forbearance for it get a year-long break on credit and fees that could be helpful.

DriveTime's latest has initial hard credit enhancement that ranges from 55.70% for the class A notes to 15.40% for the class E notes, and the company just bumped up its warehouse commitment.

Banks say more transparency is needed in the annual scenario testing regime to make capital planning more predictable. But amid a flurry of regulatory reforms, the expectation is that capital requirements are only going up from here.