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NALT 2023-B will operate with several forms of credit enhancement, including initial hard credit enhancement of 22.91%, and initial overcollateralization (OC) of 22.51%.
June 16
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Similar to previous deals, John Deere has initial hard credit enhancement of 3.50%, analysts said, adding that initial spread is expected to be 2.00% per annum.
June 16
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The current deal, BA Credit Card Trust Class A, 2023-1, has 31.75% in credit support provided by the B, C and D certificates.
June 9
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DEFT overcomes residual value risk and obligor concentration with a majority of companies that have strong credit profiles.
June 8
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A 1.16% rate of excess spread, subordination of the class B notes and a liquidity reserve provide credit enhancement to a deal financing far more PACE loans extended in Florida.
June 7
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Santander will provide a letter of credit, which is sized to cover up to five months of missed interest payments should the trust default on its interest obligations or fall under FDIC receivership.
June 7
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A true-up mechanism is uncapped and will mandatorily adjust the charges at least semi-annually to ensure that the trust has adequate funds to make timely principal and interest on the bonds.
June 6
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CLO spreads should tighten toward year-end, easing arbitrage challenges. Meanwhile investors will be challenged to calibrate the recovery rate, says Pratik Gupta.
June 2
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The undiscounted residual value composition is 77.54%, higher than prior GCOLT deals, such as the GCOLT 2021-1, which was 70.50%.
June 1
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The Treasury's cash balance fell to just $37.4 billion on Tuesday, according to data published Wednesday. That more that reverses the previous day's bounceback.
May 31
