Bank of America, Citigroup, Wells Fargo and Goldman Sachs have also withdrawn from the Net-Zero Banking Alliance in the past month, as President-elect Donald Trump prepares to take office.

Richard "Dick" Parsons, the former Citigroup chairman who died Thursday, is credited with helping the New York megabank survive the financial crisis. Earlier in his career, he led Dime Savings Bank out of the savings-and-loan crisis.

China raised $2 billion from three- and five-year securities at one and three basis points over Treasuries, respectively, according to a person familiar with the matter.

The fixed-rate notes are expected to yield 4.90% on the A1 notes through 5.29% on the class D notes.

The senior tranche will sell a mix of floating and fixed-rate notes, benefiting 22.5% in credit support. The class B notes are covered to a level of 15.0% and the tranche sells all fixed-rate notes.

Analysts peppered CEO Jane Fraser with questions about whether Citigroup, already hit hard by its regulators, could face asset growth restrictions. She said there is "absolutely nothing" in the works that could impact the megabank's businesses.

Notes benefit from overcollateralization of 2.60% of the initial pool. Subordination and a sequential payment priority will cause enhancement to be built up in the transaction, with overcollateralization reaching 4.5%.

After a three-year absence, the deal will issue notes repaid from a pool of leases on 22 refinanced assets. Almost all the assets are narrowbody aircraft, representing 87.9% of the pool by value. One widebody accounts for 12.1% of the asset value.

The current pool of borrowers with FICO scores below 700 represents 14.9% of the pool, compared with 13.5% of the 2023-B transaction, according to one analysis.

The notes benefit from total initial hard credit enhancement that represents 8.0% of the pool balance on the class A notes. Classes B, C, D and N benefit from credit enhancement levels representing 5.40%, 2.20%, 0.50% and 0.25%, respectively.

Total initial credit enhancement includes over-collateralization representing 8.95% of the initial pool balance, which is expected to build to a targeted level of 13.95%.

The transaction's notes have increased excess spread, as well as some structural optimization by the issuer, S&P said, which helps account for lower total initial hard credit enhancement levels for all classes of notes.

The pool contains 494,987 accounts, where the top borrower accounts for 0.32%, and the top five account for 1.19%, and its granularity counts as a positive credit attribute.

The transaction includes a three-year revolving period, when collection proceeds can be used to purchase new assets. The revolving period can be terminated in an Early Amortization Event.

Major banks revamped their forecasts for US monetary policy Friday after data showed the US unemployment rate rose again in July, calling for earlier, bigger or more interest-rate cuts.

Yields are expected to range from 5.75% on the A1A notes to 6.55% on the M1, all priced on the three-month, interpolated yield curve.

Moody's says it expects a 0.60% loss on the 2024-A pool, with a 3.0% loss at the Aaa stress, and the notes have legal final maturity dates ranging from July 15, 2025 through Nov. 17, 2031.

Most of the notes, classes A1 through A4, have a total initial hard credit enhancement of 9.19%. Classes B, C and D have initial credit enhancement levels of 6.09%, 2.50% and 125%.

The class A and class B notes benefit from credit enhancement levels of 12.50% and 8.75%, respectively, and the class A notes benefit from the subordination of class B certificates.

The previous TALNT transactions, while still revolving, are still performing within the rating agency's expectation and net loses have remained below overcollateralization step-up trigger levels.