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Adeyemo said China has made "a set of different decisions" and now presents "a headwind — not just to the US economy, but to the global economy." He said the US is "better prepared to deal with that than any other economy in the world.

Total credit enhancement on the notes amounts to 13.50% and 7.00% on the senior and subordinate classes of notes, respectively.

The negative return, though not the first this year, signifies that the interest income the assets throw off is more than offset by the price declines associated with rising yields.

But overall volume is still expected to be 38% lower than 2022's commercial real estate originations, as higher interest rates remain a drag.

High-quality attributes secure the notes, including that 90.7% of the loans are been co-signed, and just 12.1% of the trust's loans consist of direct-to-consumer (DTC) loans.

A vast majority of the pool, 92.02%, was underwritten to the properties' actual or estimated rental incomes, and not the mortgagors' incomes.

JPMorgan Chase, Wells Fargo and TD Auto Finance all see opportunities in providing financing to dealers for inventory, the purchase of competitors and the addition of infrastructure for electric vehicle sales. Two other banks recently said they're exiting the business, which could provide a further opening.

Inflation pressures are easing, which could give policymakers room to keep interest rates at or near current levels for the time being.

Comprised of fixed- and floating-rate notes, one of the A classes, the A-2-B tranche, will issue notes benchmarked to he Secured Overnight Financing Rate (SOFR).

The case stems from a lawsuit filed by the US Department of Justice against UBS in relation to legacy residential mortgage-backed securities from 2006 and 2007 and related to the issuance, underwriting and sale of the securities.