The structure includes credit enhancement from overcollateralization representing 16.4% of the pool balance.

The notes will be issued through series 2025-3 and 2025-4, and aside from slightly different maturity dates, they have similar initial overcollateralization and reserves.

Almost the entire pool of mortgages will fund primary residences and were underwritten using full documentation.

Fitch notes that 74.8% of the collateral pool, made up entirely of 3,103 loans, is backed by trucking—or transportation—equipment.

Total delinquencies as a percentage of John Deere's managed portfolio was 3.06%, an increase since 2022. That aligns with the decline in corn and soy prices in the same period.

Residential customers made up 70.1% of NYSEG's sales revenue, while commercial and industrial customers account for the other 30% of sales. The latter is a relatively high exposure for such deals.

Obligors are slightly more concentrated but the percentage of obligors in higher credit quality grades—2 through 5—increased to 56.9%, from 41.3% from the previous deal.

The issuance marks the first time a multilateral climate fund is turning to the capital markets, as cash-strapped developed nations balk at providing the funds needed to cut greenhouse gas emissions.

Bank of America, Citigroup, Wells Fargo and Goldman Sachs have also withdrawn from the Net-Zero Banking Alliance in the past month, as President-elect Donald Trump prepares to take office.

Borrowers had an original FICO score of 774. A little over a quarter of the borrowers, 25.1%, are self-employed.