ABS

The assets are loans to alternative investment funds, and Capital Street includes an 18-month revolving period when new assets can be added to the transaction.

Strategic financing solutions will be a collaboration between banking, markets and sales, and will initially focus on services including structured private solutions, and strategic asset-backed securities finance.

The Mission Lane Credit Card Master Trust will raise $550 million in capital from securitized bonds, secured by a pool of Visa-branded credit card accounts that Transportation Alliance Bank and WebBank originated.

BofA Securities, Australia and New Zealand Banking Group and Japan's SMBC Bank International are joint lead managers.

The deal also includes a cumulative default trigger that, if in effect, will revert the GDLP 2025-2 deal to a sequential payment priority.

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.

With a shifting pool mix, concentration limits and other restrictions applied to the new assets, Fitch gives the overall deal a 15.2% base case default expectation.

OWN Equipment Fund has nine different equipment types that make up 96.39% of the pool's Net Orderly Liquidation Value (NOLV).

The notes will be repaid sequentially, and with subordination, a reserve account that can be replenished and overcollateralization, the notes receive greater credit enhancement over time.

The industry's biggest opportunities involve the evolving cost of capital, which will shift funding sources from the private, local lending markets to institutional sources.