ABS

Called collateral from various series increased to 6.0%, from 4.0%, while weighted average seasoning increased to 3.15 months from 2.82 months.

The A2B notes in TAOT 2025-A will make up 75% of total class A2 notes, a much higher percentage of floating-rate A2B notes than recent deals.

In a few notable changes from the 2024-1 deal, 0.73% of the current pool is composed of closed-end leases, an increase from 0.55%.

Outstanding loans eligible for repossession in December 2022 saw a 22.5% increase from December 2019, but redemptions were higher than pre-pandemic levels.

Despite Exeter's experience, it has low durability as a servicer. This puts its default probability in the unknown.

The agency wants the National Collegiate Student Loan Trusts, which sell student loan asset-backed securities (ABS) to investors, to pay $2.25 million in fines to borrowers.

ODART 2025-1 will be the first transaction from the program that will include loans originated through OneMain Foursight, the lending unit that was formed when OneMain bought Foursight Capital from Jefferies Financial Group.

Notes will be repaid through a sequential pay structure that will require principal to be repaid in full to the class A1 notes.

The prime pool can be upsized to $1.7 billion, and the base pool amount has a lower securitization discount rate of 9.60%, lower than the previous deal from this program.

In both scenarios of the 2025-1 series, the capital structure will issue notes through about eight tranches, including an overcollateralization piece representing 5.15% of the pool balance.

Structurally, the GSAR 2025-1 transaction has 22.5% in subordination for the class A notes, down from 22.8% seen on the GSAR 2024-4 deal, and pre-pricing excess spread fell to about 7.8% of the outstanding balance, from 8.9%.

The auto ABS deal can be upsized to $1.5 billion, and most of the notes benefit from credit enhancement equaling 6.10% on most of the notes.

About $2 billion changes hands daily for the sale of new motor vehicles in the U.S., making auto dealers a prime use case for faster payments. So why aren't more using it?

Moody's says its cumulative net loss expectation for the PFAST 2024-1 pool is 0.70%, and puts its losses on the Aaa stress level at 4.75%.

GFORT 2024-4 has an interest rate mismatch between the assets and the issued notes, which could reduce excess spread in the trust to the point where it is negative.