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Subway has asked Morgan Stanley and Barclays Plc to put together the debt package in the form of a whole business securitization, arranging in-person events in Boston, New York and Los Angeles starting May 8.
May 6 -
Under the capital structure the senior notes will be repaid on a pro rata basis. Otherwise, the notes in the structure will benefit from excess spread and a senior-subordinate structure.
May 6 -
The company struck a deal with the food products firm earlier this week, which allowed Kraft Heinz to continue selling TGI Fridays food products and control the license.
May 6 -
Both pools have exposures to large dealers, so losses could be more pronounced if one dealer goes bankrupt, while both series have revolving periods, when noteholders will not receive any principal.
May 3 -
Subordination provides credit enhancement to the notes, as well as deposits in the reserve and redemption accounts.
May 3 -
The recalibration came amid the best two-day rally for short-end Treasuries since January, following the central bank's latest policy meeting on Wednesday.
May 2 -
The capital structure features initial exchangeable notes among the class A, mezzanine and B1 notes. The super senior and senior support tranches will repay noteholders on a pro-rata basis.
May 2 -
Note payments are linked to two tranched credit default swap (CDS) transactions, one related to the reference obligation between the issuer and SoFi Bank and SoFi Lending and the Issuer.
May 1 -
The Federal Open Market Committee held the federal funds rate at current levels, citing "lack of further progress" toward meeting inflation goals.
May 1 -
Moody's took note of several credit strengths in the portfolio, including that on a weighted average (WA) basis, the contracts have a weighted average FICO score of 767 and only a point higher for the upsized pool.
April 30