Esoteric

The deal includes subordination in the form of class B notes, a rarity for whole business securitization deals.

The company struck a deal with the food products firm earlier this week, which allowed Kraft Heinz to continue selling TGI Fridays food products and control the license.

Only tangible, high-value works of art or collectible items will be allowed in the Sotheby's ArtFi Master Trust asset pool, and Sotheby's Financial Services eschews originating loans funded by NFTs or other intangible assets.

Esoteric ABS deals — backed by collateral other than student, auto, credit card and equipment loans — have risen to about 31% of the ABS market from 9% over the last decade.

The notes will price against Treasurys, with spreads expected to fall between 85 and 90 basis points over the benchmark.

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.