ABS

The group has provided more than $3 billion of financing to airlines and other aircraft owners since it was established in November 2020.

He also told the Senate that he wanted to retire the word “transitory” to describe price increases, and he said inflation pressures will “linger well into next year.”

The deal includes a provision where the servicer can, within 90 days of the deal’s closing, substitute new and eligible loans for any that are delinquent by 150 days or more.

Jerome Powell’s appetite for a faster tapering of Federal Reserve stimulus is casting him in a role financial markets haven’t seen since 2018: hawk.

After issuance, the master issuer’s total debt outstanding will be $1 billion, and the company will have a total debt-to-adjusted EBITDA of 5.4x.

The collateral pools consists of 578 loans, and the trust uses a senior-subordinate, shifting-interest structure that helps maintain a longer subordination period.

Private label commercial real estate (CRE) securitizations may end up at $149 billion - more than double 2020’s volume of $62.2 billion.

Any reinvestment assets chosen for the trust must be a healthcare property, and they must be intended for refinance with the proceeds of an agency mortgage loan.

The FOMC decided to leave interest rates near zero and begin scaling back the pace of purchases in the $120-billion-per-month bond-buying program it launched last year, with an eye toward completing the process by mid-2022.

The deal also provides a sequential principal distribution to all of the certificates at all times, unlike recent non-prime securitizations.

Despite a number of weaknesses, the bonds will benefit from a senior liquidity reserve account of $167.5 million and a subordinate liquidity reserve account of $20.5 million.

Most of the deals are FFELP loans, but the sponsor and servicer entity is considered a financially weak company.

Moody’s steps in to provide a higher rating on the Class B portion of the COVID-hardened deal.

The sponsor’s Fortune 500 parent provides comfort in the face of the subprime-auto industry’s woes.

The auto-lease and nonprime-auto sectors are fueling what likely will be record volume.

The deal carries relatively low leverage and high subordination.

Moody’s: Rapidly evolving electronic-vehicle technology poses collateral risk also for traditional rental-car ABS.

Benchmark will issue 21 classes of certificates, with 13 entitled to principal and interest payments. Six classes will receive interest only.

Forget the goods supply-chain crisis threatening global risk assets: the real test comes next year when a service-sector boom drives labor costs higher and pressures central banks to tighten policy more decisively.

The securitization is backed by an irrevocable financing order that empowers the issuer to impose, collect and receive fixed recovery charges (FRC), from retail customers.