Esoteric

Two series of notes, both of which feature highly diversified pools, will come to market simultaneously.

Payment certificates from as many as 14 Chilean electricity-generating entities will collateralize the notes, and benefit from a Chilean government guarantee.

The data centers have an appraised value of $3.8 billion, with 32 tenants. S&P assigned a value of $1.8 billion to the properties, and an average cap rate of 8.7%.

GOOD 2023-2 has 11.3% fewer 25-year loans, compared with the GOOD 2023-2 deal. Some of that shift went to 30-year loans, which gained 0.02% in the current pool.

Hilton Grand Vacation is allowed to optionally repurchase defaulted or 90-day delinquent timeshare loans, which increases the transaction's recovery rates and reduces losses in the securities.

Compared with other tax lien transactions, PVOne 2023-1 has a much smaller initial redemption value, and has one of the lowest numbers of liens, at 9,681. Its weighted average loan-to-value (LTV) ratio is 8.8%.

Conning and its affiliates will retain autonomy, while using the Generali connections to extend its reach into global markets.

Credit enhancement is lower for all classes relative to the Sierra Timeshare 2023-1, except for class C, and that was because of lower overcollateralization and lower subordination.

Commercial and industrial customers comprised about 60% of SIGECO's electric sales, which potentially exposes the pool to volatility due to business changeable cycles.

The deal has several performance triggers with cash trap reserves, senior note interest and expense reserves, and loan-to-value tests.