Consumer ABS

Raising $350.2 million in notes, the transaction has borrowers with higher credit quality, though the notes have less excess spread.

Some current residential mortgages could face higher capital charges, prompting a shift into securitization portfolios.

Most borrowers, 61.2%, fall within SoFi Bank's highest tiers 1 and 2, and they have a WA income of $156,504.That's an improvement from their earnings on SCLP 2026-3.

S&P's base-case loss assumption on the deal is 4.75%, with a 'AAA' rating stress loss assumption of 30%, with losses increasing to that level over 12 months.

If PAID 2026-REV1 doesn't breach any triggers, then the deal might pay an annual step-up premium representing 1.00% of each class's outstanding amount.

OBX 2026-AHC4 is expected to pay coupons ranging from 0.50% on the interest-only, exchangeable tranches to 6.30% on senior exchangeable notes.

Almost all the super senior classes of notes PMT Loan Trust, 2026-INV8 —A1 through A27—are expected to pay coupons of 5.0%, 5.5% or 6.0%, the same coupons as the previous transaction.

For its first securitization PMCC 2026-1 will sell to noteholders through six tranches of notes, and credit enhancement coverage that begins at 67.91% on the AAA-rated, class A notes.

Collateral quality is still generally in line with previous CRVNA series, however, and very recent Carvana pools have shown improvement in net credit losses from previous downturns.