The investment banking giant said that it will "moderate" its pace of share repurchases as it continues to talk to the Federal Reserve, which recently increased its stress capital buffer from 5.5% to 6.4%.

The move was led by the two-year yield, which at one point fell nearly 8 basis points below 4.69% — short of last week's low 4.65%.

The A5 through A21 notes have credit enhancement levels amounting to 15.00%, while the rest of the notes are covered by levels ranging from 8.65% to 0.55%.

The notes will price against Treasurys, with spreads expected to fall between 85 and 90 basis points over the benchmark.

Fiber securitization backed by month-to-month residential fiber internet revenue didn't exist before 2022. Before that, there were some smaller transactions secured by long-term contracts.

At the pool level, loans have a weighted average minimum liquid reserve of $5 million, and at the loan level the minimum for liquid reserves is $1 million for sponsors without a FICO score.

The four classes of notes are expected to price between 115 basis points on the class A notes to 415 bps on the class D, putting them virtually at par.

Seven of the loans, 27.7% of the pool balance, are secured by multiple properties or have a component of cross-collateralization, benefitting from greater cash flow stability.

That's becoming a massive problem for vehicles Brazilian firms that invest in vehicles called FIDCs (similar to ABS), because they hold the subordinated tranches of FIDCs as a way to share risk exposure.

Both series will repay investors through a senior-subordinate, pro rata structure with a locked-out class and a senior enhancement floor to mitigate tail risk and shore up credit support.