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The A1 and a2 notes receive interest on a pro rata basis, while, the A1 notes receive ultimate principal before the A2 notes, unless certain conditions are met.
January 12 -
The synthetic securitization leaves the assets on Deutsche Bank's portfolio—the originator and arranger—making the investor syndicate a critical risk counterparty.
January 4 -
The securitization charge is starting from a low point, which represents about 1.9% of the total monthly electricity bill, while the ratepayer base is diverse and economically stable.
November 29 -
All of the class A notes have total hard credit enhancement levels of 22.35%, and notes have legal final maturity dates ranging from Nov. 15, 2024 through Dec. 15, 2032.
November 28 -
The notes benefit from subordination, overcollateralization, a reserve account and excess spread. Nelnet Servicing is also on the deal as a backup servicer.
November 27 -
CyrusOne Data Centers Issuer 2023-2 adds a property in Virginia, a state that accounts for a large portion of data center locations.
November 21 -
The bonds are supported by overcollateralization, and new collateral was added to further diversify the pool of assets.
November 14 -
Series 2023-2 shares collateral with Aligned Data series 2021-1, 2022-1, and the 2023-1 notes, and they are pari-passu with the class A notes in those series.
November 13 -
The pool is diversified by brand, but faces staffing and operational pressures prevalent in the restaurant sector. Also, malls comprise 60% of systemwide sales (SWS) for Auntie Anne's and Cinnabon combined.
November 8 -
The deal also includes exchangeable notes, initial over-collateralization of 1.00%—that can build to a target of 100%, and a reserve account funded at about 1.50% of the pre-funded pool balance.
November 8