ABS

Borrowers had been in business for a WA 14 years, an average credit score of 708, and the assets had calculated receivables yield of 38.9%.

While regulators' actions have contained the problem for the moment, the past week's collapse of Silicon Valley Bank and Signature Bank recalls past "spectacular financial flameouts," Fink said.

The entire pool adheres to full documentation origination and they qualify as safe-harbor qualified mortgage, with FICO scores of 764.

The figures reaffirm that the Fed's quest to tame inflation will be bumpy as the economy has largely proven resilient to a year's worth of interest-rate hikes.

ARI has increased hard credit enhancement compared with previous transactions, however, which helps to the potential risk of offset negative excess spread.

HPEFS 2023-1, will benefit from a 1% reserve account, and 7.40% initial overcollateralization. A cash reserve account provides liquidity to the notes.

The pending transaction has a class D, unlike the previous transaction, the Santander Drive Auto Receivables Trust, 2023-1, and a higher cumulative net loss expectation.

Moody's notes that obligors that are large enterprises or public institutions make up 82% of the discounted receivables balance.

Government bonds surged and stocks slid as signs of distress at a California lender spurred broader worries over the US banking sector's debt holdings.

One enhancement to the notes, however, is a $55 million credit insurance policy from AIG Europe that covers the Rosy Blue Carat receivables.

Applications for U.S. unemployment benefits last week rose to the highest since December, suggesting some softening in what's still a tight labor market.

Subordination levels for classes A, B and C are 38.12%, 20.84%, and 0%, respectively, down from previous levels of 47.63%, 33.68% and 18.18%.

The bond market is doubling down on the prospect of a U.S. recession after Fed Chair Jerome Powell warned of a return to bigger interest-rate hikes to cool inflation.

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.