ABS

Direct lenders offer almost guaranteed funding at a time when borrowing in the $1.6 trillion U.S. ABS markets is increasingly unpredictable, and banks nurse losses.

AFG ABS will repay the notes on a sequential-pro rata basis, and classes A-1 and A-2 will repay note interest on a pro rata basis.

Lee invested more than $15 billion in hundreds of transactions as of 2020. That included his best-known transaction, the 1992 purchase of Snapple Beverage Corp.

In the US, some loans include blacklists, which name specific funds that aren't allowed to buy the debt. Those restrictions have come into focus recently.

The security driving the revenue to the bonds is a tariff on customers' monthly bills, in line with the "U.S. Utility Tariff/Stranded Cost Bonds Rating Criteria."

CRVNA 2023-1's collateral pool has a non-zero FICO score of 705, interest rate of 11.83%, original term of 72 months and remaining term of 70 months.

Among DataBank 2023-1's enhancement features is a turbo principal amortization mechanism that kicks in after the notes' anticipated repayment date.

Traders in the hyper-liquid world of ETFs ditched equities and corporate bonds and headed for the safety of government debt as yields broke out anew.

The transaction, secured almost entirely by installment loans on new vehicles, can be upsized to $1.6 billion, and notes will be priced over the I-curve.

One potentially positive credit aspect includes consistently low delinquencies and net losses, and recent geopolitical events have played a part.

The bond market faces a bigger threat than recent rate hikes: the notion that rates will stay elevated even after the U.S. central bank's inflation fight is all over.

Applying blockchain technology to ABS is making progress, but cryptocurrency debacles are slowing a further rollout

While debt outstanding and performance issues are up, and new securitizations are down as expected, only auto ABS showed early signs of issuance growth.

Expected lifetime cumulative net loss is 9.25%, while higher note coupons, only partially offset by higher collateral interest rates, cut excess spread to 5.44%.

Self-employed borrowers account for 36.2% of the loan pool's outstanding balance, and borrowers with multiple properties represent 47.9% of the pool balance.

The consumer loan and credit card collateral will consist entirely of assets that are seasoned, yet of shorter terms overall.

Investors offloaded $12.6 billion of Treasuries last year, but that figure was dwarfed by a record $121.8 billion purchase of U.S. agency debt, higher-yielding securities.

The move to shutter the lines of credit for future collateralized loan obligations — so-called warehouses — comes as BirchLane winds down and returns cash to its investors.

Borrowers that are couples, and where the female is younger, account for 32.55% of the pool's aggregate unpaid principal balance, the plurality.

S&P views the transaction's exposure to environmental credit factors as above average, given that the collateral pool primarily comprises vehicles with ICEs.