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.

Fixed-rate loans account for much of the pool of mortgages, a little more than half of which are financing the purchases of single-family, primary residences.

The average annual cash bonus fell 2% to $176,500 in 2023, the lowest since 2019. The drop was far less dramatic than it was in 2022, when the average bonus slumped 25%.