Select Portfolio Servicing, a unit of Credit Suisse, is markting $600 million of notes backed by the repayment rights to money it has advanced to mortgage bondholders when homeowners fall behind on payments.
SPS Servicer Advance Receivables Trust Series 2016-T1 and 2016-T2 will each issue four classes of fixed-rate notes totaling $300 million. The T1 series has a Class A tranche of $266.79 million. The T2 series has $263.8 million in Class A notes. Both Class A notes tranches have a preliminary ‘AAA' rating from Standard & Poor’s.