ABS

S&P sets an estimated cumulative net loss of 2.85% for the CRVNA 2026-P2 notes, unchanged from the CRVNA 2026-P1, because the collateral characteristics were unchanged.

The 90-day-plus delinquency rate on student loans hit 10.3% in the first quarter, and New York Fed researchers warn that a second wave of defaults could be coming. Evidence is mixed regarding the likely impact on other consumer-lending segments.

The transaction comes to market with initial hard credit enhancement levels of 33.60%, 22.90%, 13.50% and 8.65% across the subordinate tranches, higher than the previous deal.

Borrowers in the pool had a non-zero weighted average credit score of 608, with a 112.12% loan-to-value (LTV) ratio.

The three class A notes, A1, A2 and A3, of GCAR 2026-2 notes will all benefit from hard credit enhancement levels, plus haircut to excess spread of 56.07%.

Mpower's plan to sell nearly $250 million of bonds hit a hurdle after some potential investors spooked by Trump's policy shifts balked during the effort's early pitches.

Nationwide, Americans are falling behind on their car loans. But among Ally Financial's customers, delinquencies fell during the first quarter.

Analysts expect the pool to be composed of receivables primarily from franchise dealers that offer indirect financing to consumers often overlooked by traditional financing sources such as banks.

Recent securitizations have seen a shift toward sport-utility, crossover utility and electric vehicles, as well as higher concentrations of the Kia and Genesis brands.

The deal will issue floating-rate notes, through the A-1B tranche, while underlying variable-rate loans are pegged to either CME Term SOFR or the 30-day average SOFR.

Loans with original terms longer than 60 months now represent 71.7% of the pool, up from 70.4% in the prior deal.

Loans originated under Sallie Mae's Smart Option loan program, which have demonstrated significantly lower default rates compared with those from the Signature program, make up the entire collateral pool.

For the first time, the FIAOT shelf includes commercial vehicles originated through the SFS's Captive Program, extending vehicle financing to small business owners.

Before the transaction has amortization event, principal payments will enter full turbo during the deal's first 12 months.

The agreements leave Goeasy's revolving credit and securitization facilities in place, but interest spreads on both lines were increased by 100 basis points, and eligibility criteria were revised to exclude LendCare loans.