Donna M. Mitchell

Issuance of securitized affordable-housing bonds reached $4.5 billion across 37 deals through August 13, already surpassing the $3.4 billion issued across 25 deals in all of 2025.

Used vehicles collateralize 53.01% of the underlying loans, and loans in OCCU 2026-1 have a balance of $34,185, with an annual percentage rate (APR) of 7.54%.

Jones will lead the firm's asset-backed securities (ABS) and collateralized loan obligation (CLO) capital markets efforts, while Rheault will be head of the business' syndicate business.

Suna is the second structured finance partner to join Hogan Lovells Cadwalader in the last month.

Collateral quality is still generally in line with previous CRVNA series, however, and very recent Carvana pools have shown improvement in net credit losses from previous downturns.

The deal will raise about $175 million in securitized bonds, backed by a pool of residential investors loans (42.1%) and traditional small-balance commercial (SBC) mortgages.

Aqua Finance's credit enhancements include a sequential pay structure until the class A credit enhancement period is over.

Despite the variety of loans in the pool, the vast majority of assets are considered qualified mortgages, with only 10.9% considered non-QM.

The current deal comes to market with a shorter revolving period and a smaller collateral pool, but other traits are similar to previous deals.

The structure includes a stop-advance feature, which will prevent the servicer from providing scheduled interest and principal on loans that are 120 days or more delinquent.

Assets have a non-zero credit score is 631, notably lower than previous transactions. Also, a slight majority of borrowers, 53.23%, have credit scores of 660 or lower.

The current pool's major loan characteristics were higher than that those seen on the RKTL 2026-2, with 60-month loans representing a higher concentration of the current pool (77.0%) compared with 73.7% on the previous deal.

The aircraft assets will be prefunded, otherwise, the proceeds will refinance 15 vintage aircraft.

Interest will be repaid sequentially. Scheduled principal will be paid based on the scheduled outstanding note balance for the applicable payment period and the note balances.

The group is planting a flag for a new structured finance platform and real estate finance team in Miami and is expected to also strengthen Benesch's New York presence with two partners.

Notes are expected to pay coupons of 5.69% on the A1A notes and 5.89% on the A1B notes. Beyond that, the A2 and A3 notes pay coupons of 5.92% and 5.97%, respectively.

The guidance removes structural, compliance and cost barriers for certain operators who were used to doubling down on cautionary measures to ensure deal execution.

Structured as a master trust deal, AVCCT 2026-1 includes a three-year revolving period, when no principal payments will be made on the series 2026-1—unless an early amortization event happens.

Some market participants are taking a 'hawkish hold' FOMC reading coming out of the July meeting, even as they adapt to a quieter intermeeting chairman.

Notes are expected to pay coupons of 4.05% on the notes rated R-1 (high) (sf) and 4.59% and 4.79% on the A1 and A2 notes, respectively.