BNP Paribas

FFIN 2025-3's average loan balance, $16,366 was lower compared with the 2025-2 deal, when it was $19,993, and the WA interest rate on the current deal is 12.15%, down from 12.56%.

TLOT 2025-B has a couple of other credit strengths, including Toyota's experience as a sponsor and servicer, and the underlying loans' strong quality.

The deal must own at least eight assets, otherwise it will begin to use any excess cash to fully pay down the notes.

Investors have grown more wary of lending to the US government for such a long time, and have demanded higher yields as a result, increasing a cushion known as the term premium.

1988 Asset Management has priced and closed $2.5 billion in CLOs in the U.S., and the partnership expects to issue CLOs regularly in Europe.

SLAM has debt service coverage ratio (DSCR) triggers and a utilization test in the structure to help maintain cashflow and support credit in the notes.

The pass-through certificates are supported by a full pool of amortizing loans, which have no interest-only periods.

The GMALT 2025-1 securitization has just 24.4% of contracts with original leases longer than 36 months. It's the lowest level for the platform, a credit positive.

Initially, the notes benefit from a reserve fund that equals 0.50% of the pool balance; overcollateralization, which represents 10.60% of the pool balance; and subordination.

The collateral pool is static, with no reinvestment period. There are no concentration limits, and the loans have a weighted average remaining term of 4.6 years.

The current pool has the largest proportion of longer-term loans, at 49.8%. While this is a concern for analysts, the rest of the industry has seen this kind of increase.

In the collaboration, BNP Paribas, the European Union's leading global bank will commit the $5 billion in financing to support investment-grade, asset-backed credit that ATLAS and Apollo will source from their issuer clients.

The concentration of electric vehicles also reached 17.8%, an increase from 15.3% in the 2024-B deal.

The trust will repay on a pro rata basis each month until the collateral's aggregate principal value is 50% of the aggregate principal value of the collateral obligations at closing.

Aira has secured €200 million ($217 million) in commitments from the European Union's biggest bank. The money will go toward installing heat pumps in thousands of homes across Germany.

Series 2024-2 can be upsized to $1.5 billion from the base pool amount, but regardless of the increase, pricing guidance, total credit enhancements and legal final maturities are expected to remain the same.

Only loans that have made at least one payment were included in the collateral pool. At a weighted average (WA) 574, the pool's FICO score is slightly lower than that of recent pools.

Total initial hard credit enhancements to vary, however, with levels of 8.85% and 6.85% on the class A and B notes, respectively.

All of the class A notes, of which there are four tranches of notes, have a credit enhancement level of 7.55%, while classes B and C have credit enhancement levels of 5.75% and 2.75%.

Donlen and LPUSA's involvement as a servicer is considered a credit strength, because its managed portfolio, which performed well even throughout the 2007-2008 recession, chalked up consistently low historical rates of delinquencies and net losses.