Consumer ABS

Marine vehicles and recreational vehicle loans compose half the collateral pool, 50.8%, but long original terms exposes the collateral pool to some risk.

A few structural changes are in SFUEL 2025-B, compared with SFUEL 2025-A, and the classes A and B notes benefit from higher subordination levels.

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.

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.

The deal can be upsized to $2 billion, and the transaction will repay principal sequentially, growing non-declining enhancement as the notes amortize.

The transaction's senior, interest-only tranches, which are also initially exchangeable, pay a coupon of 0.50%.

Indexed to the one-month, I-Curve, yields are expected to range from 4.60% on the A1+ rated, A1 notes to 6.22% on the BBB-rated, class D notes.

A reserve account starts off at 0.0%, but its funding level varies in line with three-month average excess spreads, if it falls below certain thresholds.

Second-lien loans make up virtually the entire pool, which carries some risk of poor recovery rates. Yet 78% of the pool is also considered safe-harbor mortgages.