Esoteric

GoodLeap 2023-2 has loans with fewer 25-year terms and higher FICO scores generally. Together, they'll have lower expected loss rates than those with longer terms and lower FICO scores.

Actual shipping vessel usage dropped to less than 70% during the COVID-19 pandemic, but its utilization rate only slipped to 98.4% during the pandemic.

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.