ABS

SunStrong Issuer also includes a sequential amortization trigger. Should the cumulative default level exceed the applicable trigger level.

SLAM has debt service coverage ratio (DSCR) triggers and a utilization test in the structure to help maintain cashflow and support credit in the notes.

Guardian's contribution includes up to $400 million of seed capital that Janus Henderson will invest in securitized credit and active fixed-income product innovation.

Residential, business and carrier customers represented 37.2%, 32.8% and 30.0%, respectively, of revenue from the last 12 months.

Oxford requires that 91% of the supporting loans have interest payments on a floating rate index or a floating rate option, but new loans face requirements to mitigate the risks of yield shortfalls.

The goal is to address an existing "bottleneck" in financing for small and mid-sized enterprises (SMEs) in the defense industry.

The rating agency said 82 of the 114 loans, representing 76.4% of the portfolio's value, have final balloon payments.

At any point during the revolving period, the issuer might upsize the current notes to a $500 million limit.

The deal taps into insurers' growing demand for long-dated private credit investments. More than a dozen investors, are set to participate in the transaction.

Among its structural strengths, DEFT 2025-1 includes a non-declining reserve account representing 1.0% of the pool balance.