Donna M. Mitchell

The sponsor, owned by Blackstone Real Estate Debt Strategies and a majority-owned affiliate of BREDS IV Residential Holdco, will retain a residual interest.

Hi-Fi Music 2022-1 has several credit enhancement features, including an interest reserve account that is initially funded and sized to cover 12 months of interest.

Craske will advise banks, originators and other financial institutions on a range of ABS, including auto loans and leases, trade receivables and insurance premium loans.

AOMT 2022-1’s waterfall payment structure allows for sequential principal distribution to all of the certificates at all times, including A-1 through A-3.

Marlette Funding will pay bondholders sequentially. Also, the transaction is structured to de-lever, so the level of credit enhancement will increase over time.

The collateral pool is comprised of receivables assets based in Japan, and several classes of the transaction will issue dollar-denominated notes.

If the minimum CE test or the delinquency test is not satisfied, then 100% of the scheduled and unscheduled principal will be allocated to the senior tranche.

Series 2022-1 is under the structure of a master trust, and can issue additional notes. Class A notes will amortize to an LTV ratio of about 71.0%, in about seven years.

RAC Asset Holdings, a related entity, has been purchasing older vehicles with more mileage, and spent more on reconditioning, to make up for the squeeze on supply of vehicles.

Store counts and systemwide sales could expand further, and soon; in December 2021 the company announced its intentions to acquire Del Taco for $575 million.

Bonds tumbled across the world on Thursday after Federal Reserve Chairman Jerome Powell’s latest hawkish pivot, with yields from Wellington to London breaching multi-year highs.

Pagaya AI Debt Trust, 2022-1, or PAID 2022-1, will be Pagaya Structure’s first publicly rated securitization.

Performing and re-performing loans are in the pool, as well as fixed, adjustable-rate and step-rate loans, and fully-amortizing balloon and interest-only mortgages.

In a transaction that is expandable, Kapitus Asset Securitization will be able to periodically issue additional notes up to a maximum of $600 million.

Collateral characteristics are slightly weaker than previous deals, due to a higher proportion of loans underwritten to alternative income documentation.

Office properties account for 60.8% of the pool, above the 41.2% average for 2020 deals, and above the 36.5% average for 2021.

The prefunding period ends 90 days after the expected closing date, December 4, at which point the collateral balance could be approximately $366 million.

The collateral of CPSART 2022-A reflects key changes including a decrease in the percentage of called collateral, and a drop in the months of seasoning on the notes.

Part of the proceeds will be used to help fund Planet Fitness’ acquisition Sunshine Fitness Growth Holdings, which owns 114 franchise locations.

In addition to being almost entirely composed of investment-purpose mortgages, about 100% of the pool’s 2,175 mortgages are agency eligible.