Esoteric

All told, Icahn's fortune sank by an unprecedented 41% to $14.6 billion, according to the wealth index, dropping him from the world's 58th-richest person to the 119th.

The current transaction—the platform's seventh Rule 144A deal—includes a 'AAA' note class, does not have a pre-funding period, and has a higher net recovery rate over the previous deal.

A vast majority of the assets, 82.34%, were originated at 36-month terms, and Fitch notes that consumer preferences for longer term periods weigh in as a credit positive.

FNB has an initial redemption value of $106.7 million, lower than the initial redemption value of $118.7 million in the 2021 FNA VI, yet has a higher lien count with 8,352, over 7,286.

Some sponsors are selling only AAA or investment grade ABS and retaining the riskier assets, as one way to cope with escalating interest rates.

Holders of the so-called catastrophe bonds could end up doing far better than investors in the firm's junior bonds, which have been written off by Swiss regulator FINMA as a part of the UBS deal.

The current deal is a follow-up from a master trust that floated $1.2 billion in notes last September, and will repay the notes sequentially.

Instead of ordinary coupons, investors will receive semi-annual coupon payments linked to these VCUs. The outcome-based bond follows a rhino bond issued by the World Bank last year, which rewards investors more if the population of the animals grows.

This Mosaic deal is the first to include PowerSwitch ZERO loans, which defer principal and interest for the loan term's first 12 or 18 months. They account for less than 2% of the pool.

Initially, charges start at 4% of a customer's total bill. Yet a 10% is also tacked on from similar 2014 bonds.