Esoteric

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.

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.

Some $400.4 million in residential loans will secure the collateral pool, virtually all of which, 99.2%, were originated on 25-year terms.

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.