Barclays

Domino's also raised $320 million through a variable funding note facility, not offered to investors. Barclays Plc is leading the transaction, joined by Guggenheim Securities LLC.

Notes are expected to pay a coupon of 4.5% on the A1 through M2 tranches, compared with a 5.25% coupon on the previous deal.

There is also a significant portion of mortgages secured by investment properties, 44%, and overall 47.5% of the collateral pool is composed of non-qualified mortgages.

ExteNet's capital structure maintains cash flow by including cash trapping and cash sweeping conditions.

Most of the contracts in Point Securitization Trust, 1,750 (81.64%), are second-lien as of the cut-off date.

The US 10-year term premium — or the extra return investors demand to own longer-term debt instead of a series of shorter ones — has climbed to near 1%, a level last seen in 2014.

Zayo's second securitization overall has several cash-trap and sweep triggers, including a 50% cash trap period that keep cash flowing to the notes.

A range of investment residential properties, including single-family homes, condominiums and multi-unit properties, will secure the debt.

The transaction's senior, interest-only tranches, which are also initially exchangeable, pay a coupon of 0.50%.

Yields, are expected to come in ranging from 4.4% on the class A notes, to 4.5% on the class A4 notes.

ACHM 2025-HE1 will repay notes using a pro-rata, sequential pay structure that must satisfy an overcollateralization test, and cumulative loss and delinquency triggers.

Borrowers' high incomes and the abundance of monthly free cash flow speed up repayments and mitigate the transaction's exposure to economic downturns.

Second-lien loans make up virtually the entire pool, which carries some risk of poor recovery rates. Yet 78% of the pool is also considered safe-harbor mortgages.

Excess cash flow will pay timely interest and protect against realized losses in the rated certificates before being paid out to the class X notes.

Servicers—Citadel, NewRez and Selene Finance—will not advance any delinquent principal and interest. Eventually, that should reduce loss severities to the deal.

Amortization will start after the deal's two-year revolving period, when the trust will deposit revenue including collections and upgrades into the acquisition account.

Affirm grade A loans account for 34.8% of the pool and have historically produced the lowest defaults in the sponsor's managed portfolios.

Aside from the assets' credit quality, the bank's 60 years of experience originating and servicing auto loans is a boost to the notes' credit.

Atlas SP structures deal with a "meaningful" concentration of investment properties. Still, it meets investor demand.

The market expects 5.2% yields on the AAA-rated tranche, slightly tighter than the 5.1% seen on the AAA-rated notes on an earlier deal, the Affirm Asset Securitization Trust, 2024-B series.