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The bonds are supported by overcollateralization, and new collateral was added to further diversify the pool of assets.
November 14 -
Series 2023-2 shares collateral with Aligned Data series 2021-1, 2022-1, and the 2023-1 notes, and they are pari-passu with the class A notes in those series.
November 13 -
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 -
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 -
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 -
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 -
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 -
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 -
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 -
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