ABS

Any risk of mis-matching of fixed and floating rates among the assets and transaction notes is minimal. Between 80%-90% of the notes pay a fixed rate, while 78% of the loans are fixed rate.

A vast majority of the deal, 87.17% of the collateral, as a percentage of the assets' principal balance, has a 60-month original term to maturity.

Looking to raise €245 million ($264.2 million) in securitization bonds, Golden Ray will offer eight tranches maturing in December 2057.

The trust features early amortization event triggers, including excess spread percentages falling below the required amount for that period or principal payment rates falling below 10%.

The notes can withstand breakeven default levels of 73.38%, 57.8%, 40.71% and 34.17%, respectively. Those levels surpass the loss multiples of its expected 20.7% in cumulative gross defaults.

Sales of airplane leases bundled into bonds have climbed to more than $5 billion this year, from around $1 billion in 2022 and 2023.

The collateral pool is the largest in a year from the securitization program, whose yields are expected to range from 4.75% to 5.35%.

T-Mobile is broadly syndicating $500 million of securities, and the total size of the securitization is $561.34 million.

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.

There is no subordination for the class A notes, but managers opted for much more overcollateralization, which stands at 18.0% as a percentage of the initial pool balance.

A 1.50% residual value risk, down 1.50% from the prior transaction; and an Aaa loss of level 8.50%, an increase of 50 bps, puts expected losses at a Aaa is 10.0%, down 1.0% from the prior transaction.