The portfolio has high credit quality loans and geographic concentration.

After passing the Federal Reserve's stress tests with high marks, large banks announced dividend increases. In some cases, they also said the Fed had conceded that certain prior calculations needed to be revised.

Although the collateral is described as non-prime, Moody's points to several strong credit characteristics, including an average non-zero FICO score of 697 and an eScore of 768.

They are not municipal bonds, but they follow municipal bond repayment practices.

The B, C and D tranches maintain minimum subordination percentages, 12.5%, 8.1% and 4.3%, respectively, allowing them to provide credit support for the class A notes.

In 2021, banks pledged to wind down their support for oil and gas. Last year they made a $162 billion U-turn, according to a new report from a coalition of advocacy groups.

Willis Engine Structured Trust, VIII, sells its fixed-rate notes through two tranches, all with a legal final maturity date of June 2050.

The notes will get credit enhancement from balances on the subordinate bonds, which are permitted to amortize.

There is also a full-turbo feature that will kick in after a two-year revolving period.

A set of performance-related triggers—cash trapping and expense reserve—will help maintain cash flow to the notes.