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As of Dec. 31, 2023, according to Moody's, the portfolio's delinquency rate was higher than the rating agency had observed in previous MBFS-sponsored transactions dating back to 2019, but it was still extremely low, at 1.46%.
May 14 -
The concentration of borrowers with FICO scores below 700 decreased to 12.13% of the pool, and the contingent of managers and lead underwriters is much longer on the series 2024-A notes that it was on the series 2023-B.
May 13 -
The deal includes subordination in the form of class B notes, a rarity for whole business securitization deals.
May 10 -
All four of the class A tranches benefit from total initial hard credit enhancement of 13.80%, while the B and C classes of notes are covered by 10.6% and 6.0% in initial hard credit enhancement.
May 9 -
Yields are expected to range from 6.3% on the AAA notes to 7.4% on the BBB notes, which are priced against the three-month interpolated yield curve, and have a final schedule payment date of May 15, 2029.
May 9 -
The lender lost a battle to toss the lawsuit, but convinced a judge to compel the regulator to produce data on its competitors.
May 9 -
The securitization amount is smaller than an earlier transaction, and its AAA notes are expected to price at wider spreads than the AAA notes on the 2024-A series.
May 8 -
Federal Reserve Chair Jerome Powell said there have been "no decisions" on the controversial capital reform plan, but banks and others who have criticized the proposal are eager for an indication about what's next.
May 7 -
The top five issuers in the pool represent 4.73% of the pool, which is noticeably more diversified compared with the 12.50% concentration, according to Fitch's stressed portfolio at initial expected matrix point.
May 7 -
Subway has asked Morgan Stanley and Barclays Plc to put together the debt package in the form of a whole business securitization, arranging in-person events in Boston, New York and Los Angeles starting May 8.
May 6