| Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market | ||||
| Managers | Proceeds (mils) | Rank | Mkt. Share | # of Issues |
| JP Morgan | 6,351.4 | 1 | 14.9 | 14 |
| Wachovia Corp | 6,106.4 | 2 | 14.3 | 11 |
| Citigroup | 6,027.5 | 3 | 14.1 | 12 |
| Deutsche Bank AG | 5,729.1 | 4 | 13.4 | 10 |
| Barclays Capital | 3,626.9 | 5 | 8.5 | 6 |
| HSBC Holdings PLC | 2,389.3 | 6 | 5.6 | 3 |
| Royal Bank of Scotland Group | 2,169.3 | 7 | 5.1 | 5 |
| Banc of America Securities LLC | 1,925.9 | 8 | 4.5 | 3 |
| Merrill Lynch & Co Inc | 1,847.5 | 9 | 4.3 | 4 |
| Goldman Sachs & Co | 1,701.7 | 10 | 4.0 | 3 |
| Industry Total | 42,728.3 | - | 100.0 | 50 |
| Source: Thomson Financial | ||||
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Although the follow-up securitization also issued three classes of notes, the deal amount is also much smaller than the first deal, with raised $217.2 million.
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The deal will bring Kiavi's assets onto Figure's blockchain environment, adding $7 billion in annual volume, and more than $100 million of monthly cash flow onto its blockchain-native warehouse marketplace, Democratized Prime.
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The deal also includes a series of exchangeable notes that will pay variable rates.
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The deal includes recently introduced senior first class flow (A-1FCF) and last cash flow (A-1LCF) tranches, which benefit from credit enhancement levels of 24.70%.
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