ABS

The current deal is a follow-up from a master trust that floated $1.2 billion in notes last September, and will repay the notes sequentially.

For this securitization the 85.7% portion of standard amortizing loans does include a sliver of (SAC) loans, or 4.7%, that are past their promotional periods and 14.3%, that are within.

This Mosaic deal is the first to include PowerSwitch ZERO loans, which defer principal and interest for the loan term's first 12 or 18 months. They account for less than 2% of the pool.

Bank underwriters across the U.S. and Europe are pulling sales and pausing future ones amid tepid demand. Barclays Plc recently shelved a pair of loans for Ineos Enterprises and Russell Investments, while JPMorgan Chase & Co. yanked a deal for Agiliti Health.

The deal's total leverage is 11.25%, subordination is 13.14%, it has a WA cost of debt of 2.35%, and a WA spread of 3.49%, excluding floors.

SVB, First Republic and PacWest play a variety of roles in several RMBS, but structural protections are walling off the deals from current tremors in the banking sector.

As it turns out, the plan was designed to buy time for the financial regulator Finma and the Swiss National Bank to secure a sale — not for Credit Suisse to rescue itself.

The volatile securitization market fueled the structured-loan provider's record business last year.

Unlike many non-prime RMBS transactions, BSI Financial Services, the servicer, is not required to make any principal and interest (P&I) payments on any mortgage loans that it services.

Market pricing for the Fed's March 21-22 meeting has lurched between another quarter-point hike, and the first rate pause in more than a year.