ABS

While spreads are widening in many cases across asset classes and credit bands, guidance is around 235 basis points over the I-Curve on the 'AAA' notes, a little tighter than 250 bps over the benchmark on the FHF 2022-2 deal.

The notes will accumulate an overcollateralization level of 11.20% of the current collateral balance and benefit from a cash reserve account equaling approximately 1.25% of the initial collateral balance.

In a sign of how Japan's influence has grown, its regional banks have become a go-to buyer in the $1.3 trillion market — an important source of financing for junk-rated U.S. companies.

Urschel is said to have led the financing for the majority of recent franchised whole business securitizations and several dozen transactions involving cell tower, data center, fiber and other digital infrastructure assets.

It has to wrestle with how the Federal Reserve's rate increases are crimping dealmaking, raising the cost of borrowing and ending a period of rapid growth.

The properties have an aggregate critical load power of 65.25 megawatts, and all of the data centers in the portfolio are turnkey, which the rating agency considers positive.

The deal launched from the Achieve platform, bringing Freedom Consumer Credit Fund's cumulative issuances across its securitization portfolios to $4.8 billion.

Analysts have a base-case proxy of 1.2%, accounting for stress in the agricultural sector, which includes higher default levels from the 2006-2009 and 2015-2017 vintages.

Some 74.8% of the loans had original terms greater than 60 months, higher than 68.5% than the FAST 2020.

The current ABS pool is more heavily weighted toward large balances. Accounts with balances of $10,000 or more account for 49.9% of the pool.