ABS

The current pool of borrowers with FICO scores below 700 represents 14.9% of the pool, compared with 13.5% of the 2023-B transaction, according to one analysis.

In recent weeks, the firm has told structured credit investors that it will be able to soon facilitate secondary trades under the name Atlas SP Securities, a division of Apollo Global Securities.

In the collaboration, BNP Paribas, the European Union's leading global bank will commit the $5 billion in financing to support investment-grade, asset-backed credit that ATLAS and Apollo will source from their issuer clients.

The fund aims to bring greater granularity and spreads of consumer assets to institutional investors that typically have a greater exposure to corporate credit assets.

Since July 21, 2021, the cutoff date before its last deal, Avant's active credit card accounts increased 388%, to its current 1 million accounts.

On a cumulative basis, Moody's expects the asset pool to have a net loss of 1.25%, down from 1.50% in the prior deal.

Affirm Asset Securitization benefits from overcollateralization in several forms. Target overcollateralization during the revolving period will equal 2.65% of the initial adjusted pool balance.

The pool consists of 16,272 contracts, with an average contract balance of $93,502. On a weighted average (WA) basis, the contracts have an original term of 55.7 months.

Only loans from the Achieve Personal Loan product line are in the current collateral pool.

Overcollateralization, subordination of the junior notes, a non-declining cash reserve account and excess spread provide credit enhancement to the notes.