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.
-
The $1 billion deal included classes A-L-A and A-L-B were offered as loans.
January 14 -
The inaugural deal is expected to close by the end of the month. Among its structural features are cash trap and cash sweep provisions.
January 13 -
The prime pool can be upsized to $1.7 billion, and the base pool amount has a lower securitization discount rate of 9.60%, lower than the previous deal from this program.
January 13 -
The current deal adds a class E tranche, which provides subordination to the pool, unlike previous Oportun transactions dating back to 2022.
January 10 -
Fitch Rating says it noticed a greater preference for consumers to use cellphones for a longer period and previously decreased the assumptions for upgrade losses to 0.25%, from 0.35%.
January 10 -
In both scenarios of the 2025-1 series, the capital structure will issue notes through about eight tranches, including an overcollateralization piece representing 5.15% of the pool balance.
January 9 -
Classes A through E, do not allow for payment-in-kind, which allows borrowers to use assets other than cash—such as equity or shares—to make interest payments.
January 9 -
The senior certificates get credit protection from a specified lockout period, when the subordinate classes will receive no unscheduled principal payments from the collateral mortgages.
January 8 -
Structurally, the GSAR 2025-1 transaction has 22.5% in subordination for the class A notes, down from 22.8% seen on the GSAR 2024-4 deal, and pre-pricing excess spread fell to about 7.8% of the outstanding balance, from 8.9%.
January 8 -
The auto ABS deal can be upsized to $1.5 billion, and most of the notes benefit from credit enhancement equaling 6.10% on most of the notes.
January 7
