ABS

Shorter-maturity notes led the jump in yields, deepening the inversion of the yield curve and pushing the two-year Treasury rate above 5% for the first time since 2007.

When the deal closes the notes will have an overcollateralization level of 5.75%, which will increase to a target of 14.75%.

PFS Financing Corp., 2023-A's collateral pool is fairly diversified along the lines of property and casualty insurance carriers that contribute loans to the pool.

The deal has an exposure to fixed-to-floating interest rate risk. While 75%-88% of the total notes are fixed rate, while just 57% of the underlying assets are.

Lenders navigate commercial property assessed clean energy (C-PACE) as a lower-cost source of commercial real estate finance, priming the pipeline for ABS.

Stack will finance turnkey and powered shell data centers that have relatively long contract terms, with a weighted average (WA) 6.6 years remaining.

NextGear reduced the recreational vehicle and daily rentals maximum, while increasing the maximum concentration of heavy-duty trucks and salvage vehicles.

CCG has total initial hard credit enhancement of 17.0%, 12.5% and 7.0% on the classes A, B and C notes, respectively, and annual excess spread is about 4.68%.

The U.S. 30-year yield rose to the highest level since November, joining the rest of the Treasury market in offering a return of at least 4% after labor-market data.

SEMT 2023-2 shifted some of its underwriting from traditional full documentation to agency underwriting, with the latter accounting for 14.1% of the pool balance.