Finance

The A1A notes benefit from credit enhancement levels that equal 30% of the note balance in that tranche.

The deal must own at least eight assets, otherwise it will begin to use any excess cash to fully pay down the notes.

The Mortgage Bankers Association leader cited past objections on anti-competitive grounds as Trump administration officials showed signs of progress on reform.

According to media reports, Tricolor suspended operations and furloughed its staff, with plans to liquidate.

HYPER 2025-1 is DataBank Holdings' first hyperscale data center securitization, secured by the data centers in Virginia, Georgia, and New York.

The subordinate classes will always pay principal sequentially, but their repayments start after all the senior classes have been retired.

The 2025A bonds will have parity with all senior bonds that have been previously issued, and any senior bonds issued in future deals.

Credit enhancement could increase for the most senior outstanding classes of notes, however, as the notes repay investors sequentially over time.

Almost all the notes are fixed rate, except for the A2-B tranche which pay a coupon based on the one-month Secured Overnight Financing Rae (SOFR).

The deal features a full turbo amortization structure, where all collections will be applied to amortize the bond principal. No cash will be paid to the sponsor until the bonds are paid in full.