Finance

In a potential credit drawback, TALT 2024-B has a residual value setting of 51.3% of the manufacturer's price. It was less than 50% in all the 2023 lease securitizations.

The collateral has subprime credit attributes, the credit quality of the Westlake 2024-3 pool was incrementally better than the 2024-2 transaction, and notably better than the 2023-4 deal.

T-Mobile is broadly syndicating $500 million of securities, and the total size of the securitization is $561.34 million.

Marine and recreational vehicles account for 64.7% of the pool, with home improvement accounting for the rest. The A, B, C and D notes benefit from total initial hard credit enhancement levels of 37.7%, 27.2%, 17.5% and 7.5%, respectively.

The bonds exist with several redemption provisions, including the first maturity date, a special redemption option from excess revenues, and a special mandatory redemption from excess revenues.

The Federal Housing Finance Agency has proposed a change to capital rules on interest-bearing deposit accounts that would increase the Federal Home Loan Banks' flexibility to manage liquidity during times of stress.

FS grew its CLO business and now manages four CLOs totaling $1.4 billion. The manager's risk-averse growth avoids complications that are still unfolding liability management exercises.

This is the inaugural deal from Cherry Technology, formerly known as Mason Finance. Its capital structure includes a 24-month revolving period and a strong contingent of credit enhancements.

All the three senior class A notes benefit from 60.95% in total initial hard credit enhancement. A reserve fund representing 1.00% of the total balance helps provide the credit enhancement to the notes.

State housing finance agencies had a resurgent fiscal 2023 and the recent fed funds rate reduction could have a mixed impact on them, Fitch Ratings said.