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The riskiest portion of the securitization, known as the equity, was placed with investors including sovereign wealth funds, pension funds and family offices

Residential customers made up 70.1% of NYSEG's sales revenue, while commercial and industrial customers account for the other 30% of sales. The latter is a relatively high exposure for such deals.

Bessent, who joined Trump at the Oval Office, said the fund would be created in the next 12 months, calling it an issue "of great strategic importance."

Underwriting league tables of asset-backed securities through January 30, 2025

Issuance volume of asset-backed securities for the year through January 30, 2025

Treasury Secretary Scott Bessent, who was named to be acting director of the Consumer Financial Protection Bureau, has told the agency's staff to put a halt to all rules, enforcement actions and hiring.

Unlike previous FIGRE deals where overcollateralization provided credit support to the notes, FIGRE Trust 2025-HE1 has a class G composed of principal-only notes that provide the credit support.

Debt service coverage ratio triggers, including cash trapping and rapid amortization, will provide much of the credit enhancements to the notes.

The Consumer Financial Protection Bureau's Rohit Chopra in a letter to President Donald Trump confirmed that his "term as CFPB Director has concluded."

The deal has a step-up coupon feature that calls for the fixed rates on classes A1, A2 and A3 to increase by 100 basis points, subject to the net weighted average coupon (WAC) after four years.