Donna M. Mitchell

A credit analyst manually reviews the pool's underwriting decisions, instead of just leaving it all to automation.

Built around flexible capital that can grow alongside leading originators, the strategy will seek asset-based opportunities in North America first, then add European credit markets.

The deal faces a few upfront credit challenges, including the fact that the collateral's credit quality has weakened.

The securitization was also oversubscribed, with participation from more than 25 institutional investors, which will receive a blended fixed rate of 5.71%, the company said.

Certain provisions in the deal allow for changes in the collateral pool, including allowing for discretionary substitutions of up to 2.0% of the number of properties.

While the CPSART program, especially the 2022 and 2023 series, was performing worse than its initial or revised expectations, the 2025-C collateral was relatively better.

Under the ticker JABS, the fund will invest in high-quality, investment grade securitized assets meant to give retail investors access to high-quality and short duration assets.

The portfolio consists of first-lien, fixed-rate and interest-only balloon RTLs. They were originated with original terms of six to 24 months to maturity.

MMP Capital has sold securitized bonds backed by equipment before, this will be the first one secured by medical aesthetic equipment contracts

Santander Drive Auto Receivables Trust, 2025-3, can be upsized to $2.1 billion, and the capital structures are the same for both pool sizes.

Most of GSMBS 2025-PJ7's notes are interest only, and will repay investors on a senior-subordinate, shifting interest sequence.

There is a liquidity reserve account that will be fully funded to its required amount when the deal closes.

More than 10,000 prime retail loan contracts on mostly used cars will secure the notes.

The assets are loans to alternative investment funds, and Capital Street includes an 18-month revolving period when new assets can be added to the transaction.

The Mission Lane Credit Card Master Trust will raise $550 million in capital from securitized bonds, secured by a pool of Visa-branded credit card accounts that Transportation Alliance Bank and WebBank originated.

A revolving pool of Walmart-branded Mastercard accounts will support the deal, which presses ahead despite risks tied to U.S. tariff policy.

Although the collateral is described as non-prime, Moody's points to several strong credit characteristics, including an average non-zero FICO score of 697 and an eScore of 768.

The deal includes two triggers, one for debt service coverage ratio, and the other for loan-to-value ratio.

The deal also includes a cumulative default trigger that, if in effect, will revert the GDLP 2025-2 deal to a sequential payment priority.

One atypical feature, for an auto ABS deal, is that principal on the notes will be reduced in a reverse sequential order based on realized losses.