ABS

All of the underlying leases are financing new cars, Fitch noted, adding that leases under 36 months for the original term represented about 82.3% of the pool.

The trust includes a 36-month revolving period that will allow it to purchase additional receivables as it collects principal.

Treasuries rallied and U.S. stocks declined after a less-than-forecast increase in inflation was seen as giving Federal Reserve officials more flexibility when it comes to pulling back on stimulus. The dollar fluctuated.

Dryrock’s collateral maintained strong performance numbers for the past 12 months, with higher monthly payment rates and fewer chargeoffs compared to last year.

Fitch's negative sovereign-issuer rating for the U.S. casts a negative rating outlook on ECMC Group Student Loan Trust (ECMC) 2021-1, due to DOE reinsurance.

Early pricing discussions are for a low-4% yield for the eight-year tranche, and 25 basis points more for the 10-year portion, a steep decrease in the cost of borrowing.

Obligor concentrations are unique compared to other equipment-finance ABS, but outside the top 20 obligors the pool aligns with traditional small-ticket deals.

The transition away from Libor is hitting a milestone as Ford Motor Co. does the first syndicated U.S. corporate loan tied to regulators’ preferred replacement for the benchmark.

Pagaya Investments US looks to sponsor $675 million in asset-backed securities collateralized by marketplace loans, expanding its experience in AI-underwritten debt.

Credit Suisse Group AG’s sustainability chief added his voice to a growing chorus of industry professionals calling for the regulation of ESG ratings.

The Loan Syndications and Trading Association alerts market participants to the challenges of term-SOFR transition before year-end.

World Omni Financial Corp. is returning to the auto-loan ABS market with a jumbo transaction backed by collateral of higher credit quality than other similar deals.

Low pool concentrations of loans on properties located in Ida's path, plus robust property insurance are expected to rein in impacts and insulate noteholders.

From the interest rates on the underlying vehicle leases to the benchmark and hedges on the notes issued from the trust, the deal has no Libor exposure.

Known as MOHELA 2021-3, the trust will issue a mix of fixed- and floating-rate notes from a capital structure with three tranches, or note classes.

Oil’s entire chain of providers, from explorers in the U.S. Gulf of Mexico to refineries along the coast, are now three days into assessing operations after the passage of Hurricane Ida.

A majority of the deal was underwritten to a less-than-full documentation standard, but meets ATR standards. Almost half of the loans are on California homes.

Charles Schwab’s Kathy Jones believes yields should be higher to better reflect the growth seen in the U.S. economy, and increasing calls for the Federal Reserve to taper swiftly will only keep yields low for longer.

High CLO volume stems partly from transactions whose refis or resets anticipated last year were deferred when spreads widened considerably amid the pandemic.

The key benchmark that the Federal Reserve targets to control monetary policy dropped for the second time in two weeks, an indication that the glut of cash in the front-end is starting to spill into this corner of the funding markets.