Credit9 is preparing to bring $122.4 million in asset-backed bonds to market, secured by a pool of more than twelve thousand consumer loans from a debt settlement program.
The deal, AMCR ABS Trust 2026-A, will sell the notes through five tranches of notes, in the programs third term securitization, according to analysts at Morningstar DBRS and Kroll Bond Rating Agency.
AMCR 2026-A's notes get credit enhancement from 44.20%, 28.97%, 17.67% and 9.00%, on classes A, B, C and D, respectively, according to KBRA.
The capital structure includes a sequential-pay structure where the class A notes receive principal payments in full before all subordinate notes. The deal also includes overcollateralization, initially at 8.50% of the portfolio balance at the cutoff date, and it will build to a target of 28.82% of the current pool balance.
AMCR also has a reserve account equal to 0.50% of the initial cutoff date, and could build to 1.00%. The reserve account will also be funded by excess spread, which comes to about 15.61%, KBRA said.
Credit9 partnered with Cross River Bank to originate all the loans in the underlying pool, which have a $10,015 average loan balance. On a weighted average (WA) basis, the loans have an interest rate of 25.50% and a FICO score of 574.
Americor Funding, an indirect and wholly owned subsidiary of Americor Holdings, partnered with Cross River Bank, according to DBRS.
The deal has a three-month prefunding period, which begins on its expected April 2 closing date, and assets transferred into the pool will be subject to concentration limits to maintain its consistency, the rating agency said.
Jefferies is the underwriter on the deal, DBRS said, and notes have a May 18, 2033 final maturity date.
DBRS assigns ratings of A, BBB, BB and B, respectively, and KBRA assigns A- to the class A notes.
