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The current portfolio is secured by tax liens from municipalities in eight states and Washington, D.C., that have a redemption value, or the approximate value of the outstanding liens, of about $119.6 million with an original lien rate of 12.2%.
May 10 -
The deal includes subordination in the form of class B notes, a rarity for whole business securitization deals.
May 10 -
All four of the class A tranches benefit from total initial hard credit enhancement of 13.80%, while the B and C classes of notes are covered by 10.6% and 6.0% in initial hard credit enhancement.
May 9 -
Yields are expected to range from 6.3% on the AAA notes to 7.4% on the BBB notes, which are priced against the three-month interpolated yield curve, and have a final schedule payment date of May 15, 2029.
May 9 -
Other financial regulators have been examining AI in underwriting because potential biases or otherwise faulty criteria could lead to bad outcomes, while agencies including the Federal Trade Commission are looking into non-financial companies.
May 9 -
The securitization amount is smaller than an earlier transaction, and its AAA notes are expected to price at wider spreads than the AAA notes on the 2024-A series.
May 8 -
Bank stocks are up this year as interest rates have leveled off and there are hopes that pressure on lenders' profits could moderate.
May 8 -
Macro, credit and securitized products and equities will each contribute 25% to 30% of the growth, with the remaining 15% coming from wealth management.
May 8 -
Notes A, B and C benefit from credit enhancement amounting to 33.3%, 16.2% and 7.0%, and the deal's capital structure will repay investors on a combined pro-rata and sequential basis.
May 7 -
The top five issuers in the pool represent 4.73% of the pool, which is noticeably more diversified compared with the 12.50% concentration, according to Fitch's stressed portfolio at initial expected matrix point.
May 7