The Latest

Underwriting league tables of asset-backed securities through December 4, 2025

Issuance volume of asset-backed securities for the year through December 4, 2025

Yields gravitated back toward session lows — down three to four basis points on the day — after the December ISM manufacturing gauge unexpectedly dropped.

Initially, all the class A notes will benefit from total hard credit enhancement that represents 6.10% of the note balance, and the components give the notes a strong credit boost.

Minneapolis Federal Reserve President Neel Kashkari said on CNBC that both sides of the central bank's dual mandate show signs of imbalance, with the labor market appearing more vulnerable.

The pool of mostly multifamily properties has a cap rate of 9.49%, and an LTV rate of 75.1%.

Yield declines were biggest for short maturities, and the 30-year increased slightly, amid expectations at year-end that the Fed was likely to cut rates further in 2026.

The dollar volume of unsecured consumer loan rose dramatically. But as consumer lending rises, so do the default risks.

Despite a limited representation and warranty framework, the entire pool has experienced third-party due diligence, which reduces the risk of future violations.

Options include a possible repurchase agreement — effectively a loan — with Wall Street banks or potentially tapping Argentina's $20 billion swap line with the US Treasury Department.