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The bonds are supported by overcollateralization, and new collateral was added to further diversify the pool of assets.

Moderate Democrats on the Senate Banking Committee voiced concerns about the impact of the Basel III endgame proposal on small businesses and minority communities, saying regulators should consider revisions or an extended comment period.

Slightly more than half of the borrowers in the collateral pool, 54.74%, have a FICO score that is higher than 740, and just 3.06% of the borrowers have a score below 661.

Higher expenses pushed per-loan losses further into the red for the first time in three quarters and with lower production expected through the first three months of next year, the picture remains bleak.

The bond market recovery has come amid some bouts of wild back-and-forth swings, yet is gaining ground since the Fed left its benchmark policy rate unchanged earlier this month.

The bonds will be backed by rental payments made by Rivian as part of an incentive package to woo the carmaker. Rivian will purchase the bonds as they are issued.

Since the end of the Small Business Administration's 2022 fiscal year, the average loan size in its flagship program has dropped more than six figures. The addition of three new nondepository lenders could further drive down this figure.

Senate Banking Committee ranking member Tim Scott, R-S.C., released one of his first major public  bank policy pushes in months after formally suspending his presidential campaign.

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.

Long-dated Treasury yields had reached the lowest levels in more than a month just a day earlier, attributed to investors and traders positioning for the end of the Fed's historically aggressive tightening cycle.