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The amount of deferred loans allowed in the pool is capped at 70%, with at least 96% of them being cosigned. Also, no more than 6% of loans with a FICO score of less than 700 can be cosigned.
March 20 -
Credit strengths include a relatively fast amortization period, which can reduce exposure to loss risks, plus a collateral pool composed of frequently used, affordable smart phones.
February 1 -
On average, the borrowers have a non-zero FICO score of 723, the same as VZMT 2023-6, Fitch said. Accounts with upgrade eligibility account for 56.12% of the pool, slightly lower than the previous deal.
November 7 -
CEO Scott Thomson has said that changes to the bank's operations may include "end-to-end digitization" as well as centralization of its international unit, rather than running it on a "country by country by country" basis.
October 20 -
The deal has a sequential repayment structure and collateral with 168 months of seasoning. The loans are already past their peak default periods, which each typically occur three to five years after a borrower enters repayment.
October 4 -
The deal will issue two series of notes, which benefit from a reserve account with approximately $1.4 million, representing about 2.0% of the initial bond balance.
September 25 -
Canada's largest bank last month said it plans to cut as much as 2% of its full-time equivalent staff in the coming quarter after a surge in expenses weighed on third-quarter results.
September 20 -
The Class A note coupon initially will be linked to the USD Compounded Secured Overnight Financing Rate Index, a relatively new interest rate index. Royal Bank of Canada is the seller, servicer and administrative agent.
July 6 -
Banks like RBC and JPMorgan Chase can now more easily draw real-time FactSet data feeds into applications.
November 12 -
The deal is the first credt card securitization by anyone in 2019 and features two-year floating-rate notes from RBC's master trust.
January 15