Verizon

Virtually all of the attributes in VZMT 2023-5 and 2023-6 are identical, such as the statistical cutoff date (August 7), aggregate principal balance ($23 billion) and weighted average (WA) remaining installments, 26 months.

The fourth issuance of the year includes receivables from 36-month contracts, a collateral type that still has limited performance history. VSMT 2023-4 also has a 36-month revolving period.

Verizon Master Trust, Series 2021-1 is the first series from the new platform which will periodically issue notes that – similar to bank credit-card ABS structures –will be designated to specific groups of accounts.

Loop Capital Markets was lead underwriter and joint bookrunner on an upsized $1.2 billion deal that serves as the first asset-backed market transaction to feature a minority-owned firm as a lead.

Like previous deals, the trust will have a revolving pool of assets for up to two years, in which sponsor Cellco Partnership (doing business as Verizon Wireless) can replace paid-off agreements with new agreements that meet minimum pool standard requirements.

Verizon is launching its 12th securitization of device payment-plan agreements, marking its second asset-backed issuance this year.

Verizon Owner Trust 2019-C will be offering $953.9 million in bonds via Barclays, including $850 million in a Class A-1 tranche split between fixed- and floating-rate notes.

Three years after Verizon issued its first term securitization of device payment plans, it remains the sole issuer; Sprint, T-Mobile and AT&T appear to have other priorities.

Verizon Wireless' sixth overall securitization of device-payment plans includes more subprime borrowers, but delinquencies remain low in its managed portfolio.

The deal could put downward pressure on market lease rates and renewals in wireless tower ABS portfolios serviced by Crown Castle, American Tower, and SBA Communications.