Barclays

Underlying borrowers have accumulated significant amount of home equity in their homes, to a weighted average (WA) original cumulative loan-to-value (CLTV) ratio of 69.5%.

The notes can withstand breakeven default levels of 73.38%, 57.8%, 40.71% and 34.17%, respectively. Those levels surpass the loss multiples of its expected 20.7% in cumulative gross defaults.

T-Mobile is broadly syndicating $500 million of securities, and the total size of the securitization is $561.34 million.

This is the inaugural deal from Cherry Technology, formerly known as Mason Finance. Its capital structure includes a 24-month revolving period and a strong contingent of credit enhancements.

All the three senior class A notes benefit from 60.95% in total initial hard credit enhancement. A reserve fund representing 1.00% of the total balance helps provide the credit enhancement to the notes.

Graper was promoted to her current role as  managing director and global head of debt capital markets last year.

A trigger occurs if the reserve fund is less than 50% of the reserve fund target amount, or if the payment date where the outstanding HEA valuation is less than 80% of the starting home valuation.

COLT 2024-5 has a higher concentration of full documentation loans, 6.1%, compared with 5.1% on the COLT 2024-4 deal, and smaller concentrations of piggyback mortgages and loans on investor properties.

The San Francisco-based startup is working with Barclays Plc on a potential health care asset-backed deal in the broadly syndicated market and has started lining up investor meetings.

Strong fundamentals like strong contractual cashflows, a favorable outlook for the wireless sector and the underlying mortgage structure all support positive credit to the notes.

Affirm Asset Securitization benefits from overcollateralization in several forms. Target overcollateralization during the revolving period will equal 2.65% of the initial adjusted pool balance.

Retail properties account for the largest portion, at 23.5%, according to KBRA. Lodging follows, with 22.1% of the pool.

The deal brings Kiavi's half-year issuance to almost $1 billion, and after selling all its offered notes, was open to potentially selling rated RTL securitizations in future offerings.

Royalty revenues account for virtually all the program's incoming securitized collections, at 95.5%, with fees on initial contracts and other income accounting for 4.5%.

Amid the housing market's challenges, the pool still has borrowers with strong credit profiles, including a 48% debt-to-income (DTI) ratio, and low leverage of 63%, for a sustainable loan-to-value ratio.

The wireless infrastructure industry has positive fundamentals, with all major U.S. carriers making further network infrastructure investments to boost coverage and capacity to meet growth in wireless data traffic.

Data center and fiber investments are growing for a host of reasons, including employees working from home more since the pandemic.

Also, 3.3% of the pool are closed-end loans with second lien priority underwritten with various documentation methods.

Although used cars with borrowers of non-prime credit quality comprise the asset pool, it benefits from 9.00% in overcollateralization, subordination, a reserve account representing 1.00% of the pool balance, and excess spread.

Pricing guidance on the deal puts yields on the AAA notes at 5.9% and they range to 9.1% on the B- notes, and all of the certificates are priced over the three-month interpolated yield curve.