ABS

Direct lenders offer almost guaranteed funding at a time when borrowing in the $1.6 trillion U.S. ABS markets is increasingly unpredictable, and banks nurse losses.

AFG ABS will repay the notes on a sequential-pro rata basis, and classes A-1 and A-2 will repay note interest on a pro rata basis.

Lee invested more than $15 billion in hundreds of transactions as of 2020. That included his best-known transaction, the 1992 purchase of Snapple Beverage Corp.

In the US, some loans include blacklists, which name specific funds that aren't allowed to buy the debt. Those restrictions have come into focus recently.

The security driving the revenue to the bonds is a tariff on customers' monthly bills, in line with the "U.S. Utility Tariff/Stranded Cost Bonds Rating Criteria."

CRVNA 2023-1's collateral pool has a non-zero FICO score of 705, interest rate of 11.83%, original term of 72 months and remaining term of 70 months.

Among DataBank 2023-1's enhancement features is a turbo principal amortization mechanism that kicks in after the notes' anticipated repayment date.

Traders in the hyper-liquid world of ETFs ditched equities and corporate bonds and headed for the safety of government debt as yields broke out anew.

The transaction, secured almost entirely by installment loans on new vehicles, can be upsized to $1.6 billion, and notes will be priced over the I-curve.

One potentially positive credit aspect includes consistently low delinquencies and net losses, and recent geopolitical events have played a part.