Finance

Shorter-maturity notes led the jump in yields, deepening the inversion of the yield curve and pushing the two-year Treasury rate above 5% for the first time since 2007.

When the deal closes the notes will have an overcollateralization level of 5.75%, which will increase to a target of 14.75%.

PFS Financing Corp., 2023-A's collateral pool is fairly diversified along the lines of property and casualty insurance carriers that contribute loans to the pool.

The deal has an exposure to fixed-to-floating interest rate risk. While 75%-88% of the total notes are fixed rate, while just 57% of the underlying assets are.

Lenders navigate commercial property assessed clean energy (C-PACE) as a lower-cost source of commercial real estate finance, priming the pipeline for ABS.

Stack will finance turnkey and powered shell data centers that have relatively long contract terms, with a weighted average (WA) 6.6 years remaining.

NextGear reduced the recreational vehicle and daily rentals maximum, while increasing the maximum concentration of heavy-duty trucks and salvage vehicles.

CCG has total initial hard credit enhancement of 17.0%, 12.5% and 7.0% on the classes A, B and C notes, respectively, and annual excess spread is about 4.68%.

The U.S. 30-year yield rose to the highest level since November, joining the rest of the Treasury market in offering a return of at least 4% after labor-market data.

The government-sponsored enterprises will likely have their mainstay bonds exempted from the potential securitization-related rule, but their credit-risk transfers could be subject to it, some experts say.

SEMT 2023-2 shifted some of its underwriting from traditional full documentation to agency underwriting, with the latter accounting for 14.1% of the pool balance.

As of December 2022, improvements contributed about $15.4 million in incremental rental income, plus more than $310 million of additional sales volume.

Some 69.1% of the underlying mortgages are closed-end second (CES), fixed-rate residential mortgage loans, while 30.9% are HELOC, adjustable-rate loans.

Chris Martin knew he needed a bigger car as the birth of his fourth child approached, but he and his wife were already $14,000 underwater on their two vehicles.

Banks reported record growth in net interest margins in 2022, but net income still fell, and the industry "continues to face significant downside risks" from inflation and other factors, Martin Gruenberg says.

The notes will be issued from a multi-tier debt service coverage ratio (DSCR) and a payment-in-kind (PIK) feature for class E-1, class E-2 and class F notes.

Chief Justice John Roberts told a Biden administration lawyer the program will have enormous financial implications for millions of Americans.

American Car Center told employees the business was closing its doors, a day after it pulled a $222 million bond sale from the market, according to people familiar with the matter.

The unguaranteed loans are secured by one or more first-lien commercial real estate loans. The notes have a break-even default rate cushion of 2.39%.

Direct lenders offer almost guaranteed funding at a time when borrowing in the $1.6 trillion U.S. ABS markets is increasingly unpredictable, and banks nurse losses.