Bank of America Insights

After a decade of multibillion-dollar tech investments by banks, efficiency ratios have begun to improve and headcounts drop, some industry watchers say. Skeptics counter that other reasons are at play and that it's all hard to measure.

Obligors are slightly more concentrated but the percentage of obligors in higher credit quality grades—2 through 5—increased to 56.9%, from 41.3% from the previous deal.

The issuance marks the first time a multilateral climate fund is turning to the capital markets, as cash-strapped developed nations balk at providing the funds needed to cut greenhouse gas emissions.

Bank of America, Citigroup, Wells Fargo and Goldman Sachs have also withdrawn from the Net-Zero Banking Alliance in the past month, as President-elect Donald Trump prepares to take office.

Borrowers had an original FICO score of 774. A little over a quarter of the borrowers, 25.1%, are self-employed.

Moody's says its cumulative net loss expectation for the PFAST 2024-1 pool is 0.70%, and puts its losses on the Aaa stress level at 4.75%.