Esoteric

Bluegreen Vacation originated the loans and Fitch expressed confidence in its record of good performance as servicer.

The portfolio does not have any meaningful originations that have completed a full repayment cycle, making the company's performance data thin.

The initial protection amount, Moody's says, is 12.5% of the total reference pool and equals the principal amount of the rated and unrated issued notes.

That the underlying contract holders prioritize using their smartphones and other mobile devices suggests that they are likely to prioritize payments related to those products.

Fiber securitization backed by month-to-month residential fiber internet revenue didn't exist before 2022. Before that, there were some smaller transactions secured by long-term contracts.

BJETS 2024-1 has leases and loans on 31 business jets in the collateral pool, 12 from Gulfstream and 11 from Bombardier, the two largest contributors.

The four classes of notes are expected to price between 115 basis points on the class A notes to 415 bps on the class D, putting them virtually at par.

The deal will have a four-month prefunding period, and during that time the originators can originate and sell up to $13.6 million of additional contracts.

The underlying loans have a (WA) FICO score of 734 across the statistical pool on the current deal, after coming in at 729 score seen on the previous deal, the HINNT 2022-A.

Such structured products would be the latest in a string of innovations that includes everything from debt-for-nature swaps to novel use of carbon offsets.