Donna M. Mitchell

The GCAT 2022-INV3 trust will repay issued notes and provide credit enhancement through a senior-subordinate, shifting interest repayment structure.

Some 853 residential mortgages comprise the underlying collateral pool, and they have relatively low original loan-to-value (LTV) ratios, of about 67.7%.

Eleven of the underlying mortgages are portfolio loans, and others are split loans governed by co-lender agreements, KBRA said, amounting to 38.6% of the pool.

Agricultural equipment has a reliable performance track record. The asset class' background, however, appears to be at odds with the it concentration risks.

Notes have junior note subordination as initial hard credit enhancement, a non-declining reserve account, yield supplement overcollateralization and excess spread.

The Goddard schools are franchised, and the company's requirement that owners operate on site results in 82% of franchisees operating just one school.

Angel Oak Capital Advisors and Brightvine collaborated on the deal, which raised $147.5 million noteholders and extended the application beyond mortgages.

As mortgage rates remain elevated, and housing inventory increase, unsupported rapid home price growth could moderate in the second half of 2022.

Previous Evergreen Credit transactions have issued amounts ranging from $428 million to $1,070 billion, while the last two deals issued $535 million each.

Kroll Bond Rating Agency expects to divide the pool into two distinct groupings for ratings purposes, RMBS and CMBS. The RMBS pool is slightly larger.

Mosaic 2022-2 will not include a pre-funding period, and the transaction's collateral pool will be static, and not include a capitalized interest account.

The collateral pool consists of publishing and recording rights on a 950-song catalog from artists such as Justin Timberlake and Nelly Furtado.

Net cash flow had decreased to $144.1 million in 2020, before recovering to $181.3 million in 2021 and $195.9 million for the trailing twelve-month period that ended in May.

Octane is managing increased warehouse financing costs while not recognizing gains on securitization residual sales.

A potential credit drawback on the deal is the mismatch between the fixed rate underlying automobile loans and the SOFR rates to be paid to noteholders.

The deal has a significant concentration of California-based loans, leaving the timely repayment of notes vulnerable to regional economic stresses or natural disasters.

Owing to the revolving pool, Fitch Ratings assigned a base case default ratio of 3.9%, even though the rating agency’s default assumption for the pool was 3.1%.

The OBX 2022-J2 Trust will pay notes from a capital structure that follows a shifting interest structure, and subordinate bonds can receive principal payments.

Hyundai Capital America is seller and servicer on billions of auto ABS sold through the Hyundai Auto Lease Securitization and Hyundai Auto Receivables trusts.

The deal’s average receivables balance, and collateral APR are both higher, but its WA FICO score has slipped, compared with the program’s previous deal.