ABS

The fund gained about 4% in the first half of last year. Separately, LibreMax has raised $1 billion across two other funds, the LibreMax Core Fund and LibreMax Dislocation Fund.

Some $400.4 million in residential loans will secure the collateral pool, virtually all of which, 99.2%, were originated on 25-year terms.

Total credit enhancement on the notes amounts to 13.50% and 7.00% on the senior and subordinate classes of notes, respectively.

The current pool does contain personal loan renewals, and they remain in the pool as eligible collateral during a three-year revolving period.

The issue has the potential to be upsized to $1.84 billion, and rating agencies say it has about 7.4% in credit support from hard credit enhancement and excess spread.

Payment certificates from as many as 14 Chilean electricity-generating entities will collateralize the notes, and benefit from a Chilean government guarantee.

Synovus Bank — whose parent company is Synovus Financial — sold the $373 million portfolio to private credit funds and accounts managed by KKR.

Industrial equipment accounted for the plurality of the pool, with 22.8%; office equipment accounts for 21.6% and software claims 14.8%.

The deal has the lowest concentration of leases with 37- to 48-month original terms, according to Fitch Ratings, at 34.6%.

Verdant will service the loans underpinning the bonds, and GreatAmerica Portfolio Services Group is on the deal as primary servicer of the portfolio other than late-stage delinquent contracts.