BNP Paribas

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.