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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
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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
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On average, the borrowers have a non-zero FICO score of 723, the same as VZMT 2023-6, Fitch said. Accounts with upgrade eligibility account for 56.12% of the pool, slightly lower than the previous deal.
November 7
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The transaction structure benefits from several forms of credit enhancement to the deal, including advance rates of 55.0%, 66.5% and 76.5% on the classes A, B and C notes, and a rapid amortization trigger event.
November 6
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The A1 and A2 notes, the two senior notes in the payment priority, have the same level of total hard credit enhancement, 17.6%.
November 2
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On Nov. 7, voters will consider a whopping $2.8 billion bond package, including $94 million for a new 8,000-seat venue that could be the costliest in Texas history.
October 27
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Cat bonds are rising in popularity as their returns trounce those of virtually all other debt markets. This year, the securities are up about 17%, while investors in US Treasuries have lost money.
October 24
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DTE Electric Securitization, 2023A will issue notes to investors through two class A tranches, which are identical in certain characteristics, such as their 'Aaa' ratings, and their $300.8 million principal amounts.
October 13
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Fitch notes that initial hard credit enhancement on classes A, B, C and D are 12.00%, 9.50%, 7.25% and 5.25%, respectively.
October 6
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Some $400.4 million in residential loans will secure the collateral pool, virtually all of which, 99.2%, were originated on 25-year terms.
August 22
