Esoteric

The weighted average, base-case annualized gross loss declined from 11.78%, from 11.86%, because of minor changes in its assumptions of pool segment defaults.

The whole business deal, built around a master trust structure, will be repaid primarily from franchise royalty revenue.

The deal saw notable changes from SCLP 2021-1, especially an increase in target and initial overcollateralization.

Tower Point Capital, the deal's manager, is considered to have one of the largest privately held wireless infrastructure portfolios in the U.S.

February's securitization from Vertical Bridge was the sector's largest-ever deal and included the sector's first single-B rated tranche.

Initially, the transaction will follow a sequential repayment structure that requires each note class to reach a required overcollateralization percentage before the next subordinate class begins receiving principal.

Banks have latched onto risk transfers in record numbers to gain regulatory relief that paved the way for new lending, acquisitions or shareholder payouts.

Steady cash flows are attracting new capital to music royalty investments, including securitization, as issuers pursue deals with a broader range of artists.

When the deal closes the indenture will be amended to allow it to issue liquidity funding notes, which will serve as a liquidity backstop to fund shortfalls in the liquidity reserve account.