ABS

Initial hard credit enhancement ranges from 24.40% on class A notes to 7.70% on the class D notes. At closing, overcollateralization will be 6.70%, building to a target of 12.50%.

Deliveries would get an added boost should China resume importing the 737 Max after a nearly five-year halt, as air travel rebounds and trade relations thaw with the US.

Originators funded 72.6% of the loans in 2023, while 16.7% of the loans were funded in 2022 and originators funded the rest between 2021 and 2018.

ABS for 2023 is expected to drop 21.2% from 2022 volume, but the industry total for 2024, could give it a 4.1% increase.

Some 54 contracts and 39 obligors, with an average contract balance of about $14.46 million, and the average exposure to an obligor is about $22.79 million.

Any capital injection from GIC would follow an effort by Apollo to raise capital that enables Atlas SP's balance sheet to grow to more than $50 billion from about $40 billion in February.

While the Fed chief said officials are ready to hike further if needed, he also noted policy is "well into restrictive territory." Two-year yields sank 13 basis points to 4.55%.

But Mary Daly, president of the San Francisco bank, said it's premature to declare victory against inflation and that the central bank isn't contemplating rate cuts at all right now.

The decision narrows scope of impacted transactions and participants, to the market's relief.

The collateral pool had an average account balance of $1,620, lower than that of credit card securitization trusts that the Big Six banks sponsor, and the ABS notes benefit a 26% subordination level.

DEXT is very diversified by equipment type. Enterprise technology, medical technology and surgical equipment account for the top three concentrations, representing 22%, 16% and 10% of the portfolio.

Slightly more than half of the borrowers in the collateral pool, 54.74%, have a FICO score that is higher than 740, and just 3.06% of the borrowers have a score below 661.

Both tranches have the same legal final maturity of Oct. 20, 2033, an initial (OC) of 26.00%, and an initial reserve of 0.50%.

The deal has the smallest pool balance from the ACHV program this year, with an aggregate current principal balance of $177.8 million. The collateral pool contains 14,141 loans, with an average current loan size of $12,577.

Lam, who oversees the firm's structured credit investment strategies, managed CLOs, separate accounts and commingled accounts. Lam succeeds Andrew Gordon, who will assume the role of executive chair of the board of managers.

Donlen and LPUSA's involvement as a servicer is considered a credit strength, because its managed portfolio, which performed well even throughout the 2007-2008 recession, chalked up consistently low historical rates of delinquencies and net losses.

US 30-year yields dropped seven basis points to 4.79%, unwinding part of Thursday's surge that was driven by a somewhat disappointing inflation reading and a weak bond auction.

While securitization performance improved over last year on a quarterly basis, the year-to-date measure dipped compared with 2022, following expectations.

The three class A notes have initial hard credit enhancement that amounts to 36%, and consists of over-collateralization, the reserve account (with an initial coverage amount of 1%) and subordination of all notes, except class G.

These firms are seeing an uptick in demand for niche capital relief trades, according to David Snyderman, Managing Partner and Global Head of Alternative Credit and Fixed Income at alternative investment manager Magnetar Capital.