Barclays

Just one class of variable funding notes (VFN), which have an anticipated repayment date of July 2026, will be issued to investors.

Credit enhancement to the class A notes includes a non-declining overcollateralization of 4.75% of the initial adjusted pool balance, and a non-declining reserve fund of 0.25% of the initial adjusted pool balance.

Backed by revenue from point-of-sale unsecured consumer loans, the upsized deal also features expandable notes.

Yields on longer-dated debt are so high that even if the Fed continues hiking for longer investors still feel they'll be compensated.

MFA has a step-up coupon for the senior classes, where after four years they pay the lesser of a 100 basis-point increase to the fixed coupon, or the net WA coupon rate.

Par subordination on the 'AAA'-rated notes was 39.95%, while par subordination on the 'BBB' notes are expected to be 14.36%.

While the collateral pool consists of a mix of fixed- and adjustable-rate mortgages, CHNGE Mortgage 2023-4's notes are priced to the three-month interpolated curve.

The A-1, A-2 and A-3 notes will benefit from credit enhancement levels of 38.6%, 30.1% and 19.3%, respectively. The mezzanine class benefits from 13.3%.

The company is looking to take advantage of Credit Suisse's step back from other areas across markets too. Within securitized products the firm has been looking to expand into new products that trade in secondary markets.

Neighborly Co., a franchisor of 24 home repair and maintenance service brands, is pledging franchise-fee, royalty and other related revenues from its mostly recession-proof business lines.

Barclays Commercial Mortgage Securities Mortgage Trust 2020-C7 is backed by a pool of 49 fixed-rate loans collateralized by 153 commercial properties – of which 17 loans are tied to multifamily/manufactured housing properties representing 35.4% of the pool balance.

A Silicon Valley mega-office-tower complex that is home to both Amazon and Facebook corporate offices is making another appearance in a conduit commercial mortgage-loan securitization.

The 20 whole loans in the transaction are secured by Bridge's weakest-rated collateral pool to date, compared to three prior Bridge REIT deals.

Proceeds from the new deal will pay down nearly $1.3 billion in outstanding debt from parent company Dine Brands Global's two prior securitizations.

At 1%-1.2% of initial principal balance, the expected loss range for the $1.25 billion deal is the lowest ever for a GM Financial retail auto loan securitization.

Barclays, BMO, Citibank, Goldman Sachs and ING contributed to the online student lender, which last year made over $1 billion in loans.

Collateralized loan obligations denominated in pounds sterling were once a tough sell; two recent deals from Barclays and PGIM indicate that this is changing.

The £325 million Dryden 63 CLO, sponsored by PGIM, will issue six classes of sterling-denominated notes; Barclays’ £4.5 billion Sirius Funding is issuing three tranches in three different currencies.

It's the Canadian bank's second deal of the year aimed at U.S. investors and adds to what has been a slow pace of credit card issuance this year. Two subordinate Canadian dollar tranches will be retained.

As upstart companies mature, they face pressure to develop deeper relationships with their customers. That is leading some to offer to a wider range of products, including deposit accounts.