ABS

Iskandar and Kaveh have a liquidity reserve of about $16.3 million at closing, and a cash-trapping trigger if the three-month average class A debt service coverage ratio (DSCR) falls below 1.45x.

Zayo Issuer, series 2026-1 and 2026-2, uses a master trust structure that will initially issue five tranches of classes A, B and C notes, and can issue additional classes if they meet certain conditions.

The sophomore outing follows a similar structure as the Clarus 2024-1, with six tranches of class A, B, C, D and E notes. The A2 tranche will issue the bulk of notes, $165.4 million.

The public and large institution segment make up 89.7% of obligors, up from the 87.7% seen in DEFT 2025-2, an increase that was driven largely by an increase in the large enterprise institution segment.

Banks have latched onto risk transfers in record numbers to gain regulatory relief that paved the way for new lending, acquisitions or shareholder payouts.

The deal increased its initial credit enhancement levels across the board, with the A-, BBB and BB- notes benefiting from levels of 21.89%, 1.89% and 5.74%, respectively.

The deal structure includes credit support from a full turbo structure. All excess cash flow will be used to repay note holders without the issuer receiving excess spread until the notes are fully repaid.

The deal has a three-month prefunding period, which begins on its expected April 2 closing date, and assets transferred into the pool will be subject to concentration limits.

Slated to close on March 24, the deal is Capteris' second 144A term securitization and has a stressed cumulative net loss rates ranging from 25.14% to 7.75%.

The global team combines industry-leading expertise to offer customized product solutions for clients in structured finance, collateralized loan obligations (CLOs) and alternative investments.

Kalamata Offshore Feeder Fund II and Kalamata Onshore Fund, which have assets of $234.6 million, will provide performance guarantees.

At press time no injuries were reported, but exhibitors were relocated to satellite booths throughout the venue, the Aria Resort & Casino.

The index will provide market professionals with consistent, transparent and dependable methods of evaluating performance and risk across the securitized credit markets.

Interest payments on the class B notes might be deferred to allow the interest and principal on the class A notes if a sequential interest amortization period is in effect.

As finance chiefs feel the pressure to include AI in business models and work flows, the ABS industry is responding with leaner internal operations and reduced human errors.

Point Digital Finance originated the underlying home equity contracts, composed of first lien (11.1%), primarily second-lien (82.9%) and third liens (5.81%) on residential properties.

He will advise clients on securitization, structured finance, secured lending and receivables transactions, on his second time with the company.

Total initial credit enhancement increased to 11.40% for the class D notes, from 11.25%. It also decreased for classes B, C and E, and levels on the class A notes stayed the same.

The deal will not make any principal payments during the revolving period unless it needs the cashflow to maintain the required overcollateralization amount.

Machinery, medical, IT hardware, vehicles and the industrial sectors make up the top five categories in the pool.