Wyndham Worldwide is first out the gate this year with a securitization of timeshare loans.

The $300 million Sierra Timeshare 2016-1 Receivables Funding LLC will issue two tranche of notes with a final maturity of March 2033: the $236.69 million senior tranche with credit enhancement of 32.4% has a preliminary ‘A’ rating from Fitch Ratings; the subordinate $63.31 million tranche has credit enhancement of 13.65% and a preliminary ‘BBB’ rating.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.