ABS

NALT 2023-B will operate with several forms of credit enhancement, including initial hard credit enhancement of 22.91%, and initial overcollateralization (OC) of 22.51%.

Similar to previous deals, John Deere has initial hard credit enhancement of 3.50%, analysts said, adding that initial spread is expected to be 2.00% per annum.

The current deal, BA Credit Card Trust Class A, 2023-1, has 31.75% in credit support provided by the B, C and D certificates.

DEFT overcomes residual value risk and obligor concentration with a majority of companies that have strong credit profiles.

A 1.16% rate of excess spread, subordination of the class B notes and a liquidity reserve provide credit enhancement to a deal financing far more PACE loans extended in Florida.

Santander will provide a letter of credit, which is sized to cover up to five months of missed interest payments should the trust default on its interest obligations or fall under FDIC receivership.

A true-up mechanism is uncapped and will mandatorily adjust the charges at least semi-annually to ensure that the trust has adequate funds to make timely principal and interest on the bonds.

CLO spreads should tighten toward year-end, easing arbitrage challenges. Meanwhile investors will be challenged to calibrate the recovery rate, says Pratik Gupta.

The undiscounted residual value composition is 77.54%, higher than prior GCOLT deals, such as the GCOLT 2021-1, which was 70.50%.

The Treasury's cash balance fell to just $37.4 billion on Tuesday, according to data published Wednesday. That more that reverses the previous day's bounceback.

The National Credit Union Administration, a government-backed insurer of credit unions classifies Veridian as "well capitalized," which helps mitigate some risks associated with its lack of securitization experience.

Rising demand and aircraft shortages are pushing up lease income, which is expected to continue tightening spreads for issuers.

Cadma Capital Partners will provide asset-backed financing to venture- and growth-lenders, high-growth companies, and financial sponsors.

The deal is the second one for this year, a different tack for a program that has appeared once annually in the past.

The pool is also granular and diverse, with the top 13 insurance companies accounting for 28.3% of the pool balance.

Compared with several previous Verus Securitization deals dating back to Verus 2022-8, the current transaction has the highest concentration of ARMs, at 33.9%.

Annualized excess spread and a cash spread account should mitigate concerns around the timing of cash flow to the trust and the collateral's assumed discount rate, says DBRS.

Since the previous deal from the master trust, the number of Hotwire Communications sites has increased from 515 to 675, and key performance metrics have improved.

Fed Chair Jerome Powell has been focused on so-called supercore CPI – core prices excluding housing – because he sees this segment of the services industry affected by a tight labor market.

Loans that have yet to be originated must adhere to limitations. No more than $719,870 of originations can consist of loans made to students attending proprietary schools.