ABS

New originations amounted to about $64.4 billion through March 31, a 49.7% drop from last year's production by the ASR's estimation.

FNB has an initial redemption value of $106.7 million, lower than the initial redemption value of $118.7 million in the 2021 FNA VI, yet has a higher lien count with 8,352, over 7,286.

On an issuer level, the deal has a WA capitalization rate of 6.33%, WA debt service coverage ratio (DSCR) of 1.89x, and a WA loan-to-value ratio of 52.5%.

Despite firm objections from structured finance advocates, some institutional investors welcome the additional protection, citing Wall Street's potential conflicts of interest.

Two-year Treasury yields slid a percentage point over three days in March, the most since 1982. Gone are the days when inflation was the main menace.

Only a handful of lenders have the problems that toppled Silicon Valley Bank, and when the industry starts reporting quarterly earnings next week, the numbers will probably be good, Dimon told CNN.

The class A-2b tranche can issue floating-rate notes. Should that happen, the YSOA discount rate would step down from 10.30% to 10.05% after the class A-2 notes are paid off.

The two-year U.S. rate, which is the most sensitive to monetary policy, slid for a fifth day, its longest streak since July 2022. Economists now assign a 65% probability of a U.S. recession.

Moody's had lowered the residual value loss a full percentage point, but did not mention whether it would lower the credit loss expectation.

Traders flocked to shorter-maturity Treasuries, driving two-year yields down 18 basis points at one stage. The 10-year note's rate was 1.5 percentage point lower than the 3-month T-bill.

Traders got another taste this week of the contrasting forces battering the market with bonds falling after a surprise cut to global oil production, only to bounce back hours later following weak economic data.

Initial hard credit enhancement for the class A notes is lower, at 37.30%, because of lower subordination in the deal.

Despite some signs of weaker performance, metrics remain within manageable levels, and credit enhancement appears to be sound.

The bonds are initially being marketed at a heavily discounted price of 78 cents, bringing the all-in yield to roughly 14%

The five-year notes benefit from overcollateralization equal to 35%, and will use the proceeds to repay a line of credit facility.

Some sponsors are selling only AAA or investment grade ABS and retaining the riskier assets, as one way to cope with escalating interest rates.

HART 2023-A has a yield supplement overcollateralization amount (YSOA) of 10.11% as a percentage of the aggregate pool amount of $1.4 billion. It was 10.76% on HART 2022-C.

The company is looking to take advantage of Credit Suisse's step back from other areas across markets too. Within securitized products the firm has been looking to expand into new products that trade in secondary markets.

(Bloomberg) -- Goldman Sachs Group Inc. is shaking up the leadership ranks at the heart of its capital-market business after a big overhaul in October that merged investment banking and trading operations all in one.

The latest AESOP includes medium- and heavy-duty trucks, plus different minimum depreciation rates of non-program vehicles (NPVs) to account for their market values.