Donna M. Mitchell is a financial journalist based in the New York metro area with expertise covering structured finance, commercial real estate, and wealth management. Her work has appeared in Forbes, Next Avenue, Financial Planning and National Real Estate Investor.
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Revenue from auto dealer floorplan receivables will secure $920.2 million in class A notes from the Nissan Master Owner Trust Receivables, both series 2024-A and 2024-B, according to Moody's Investors Service.
March 18 -
FCAOT, in its first issuance of the year, could upsize the deal to $1.5 billion
March 15 -
The transaction could be upsized to $1.3 billion in issuance, supported by fixed-rate loans on mostly new agricultural equipment.
March 14 -
Spreads are expected to come in at 120 basis points over the 3M, I-Curve on the A1A notes and then range from 185 bps—425 bps over the 3M, I-Curve on the class B through class D notes.
March 14 -
Prime quality auto loans secure the pool, although recent rapid origination growth put some strain on and deterioration on the notes in the 2022 and 2023.
March 13 -
Analysts' base-case assumption is for the pool to see net losses of about 8.25%, and the AAA rating stress assumption is for a 36.0% loss.
March 13 -
Spreads are expected to come in ranging from 15 basis points over the 3M I-Curve on the A1 notes to 160 bps over the benchmark on the class D notes.
March 12 -
The inclusion of reclassified HECMs was seen as a potential credit shortcoming, as a small number had exceptions that are potentially meaningful, such as an expired or unapproved appraisal.
March 11 -
Vervent acts backup servicer, which will first make pro rata payments to the administrator and servicers. Then CRB 2024-1G will repay interest and principal to investors on a senior-subordinate basis.
March 11 -
Diversification is just one of the deal's strengths, which includes higher excess spread than comparable floorplan transactions. The largest dealer accounts for 0.72% of the pool balance.
March 8