Finance

Atlas SP Partners — the structured finance business that's key to Apollo Chief Executive Officer Marc Rowan's plan to become a lending machine — has struggled under its new owner since last year's acquisition.

All the notes, which are fixed rate, have an Aug. 18, 2031 final maturity date, DBRS said. The transaction will repay investors sequentially.

The agency is disclosing the percentage of unpaid principal balance held by borrowers in rural areas as classified by the U.S. Department of Agriculture.

The class A and B notes will receive cash distributions to reduce the interest payment amount and any interest carryforward. Principal payments will follow interest payments.

A unique convergence of several macroeconomic events with persistent financing demand from underserved borrowers and housing investors keeps changing the marketplace.

Quantitative tightening has helped to keep mortgage rates elevated, but new concerns over how it impacts market liquidity could lead the Fed to end the program.

Notes benefit from overcollateralization of 2.60% of the initial pool. Subordination and a sequential payment priority will cause enhancement to be built up in the transaction, with overcollateralization reaching 4.5%.

Credit enhancement on the notes includes 3.5% in excess spread, subordination of the class M notes equaling 3.%, and a liquidity reserve that will equal 0.45% of the closing PACE assets balance.

Coordinated strikes by dock workers along the Eastern Seaboard and the Gulf Coast could cause issues for banks that provide credit to foreign shipping groups and domestic trucking companies.

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.

For one, the deal is expected to include only Japanese foreign obligors—historically strong and comparable to U.S. obligors—from the pool of 9,333 loans.