ABS

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.

The deal has a $10 million prefunding account that could purchase additional eligible receivables during a three-month period after closing.

Similar to recent transactions, the collateral pool includes loans with an original term greater than 72 months, which Ford adjusted for in the underwriting.

Lenders and borrowers have just a few months to negotiate how they're going to ditch the disgraced Libor benchmark in the leveraged loan market, and time is of the essence.

LBZZ 2023-1 has a reduced recovery rate assumption on the current transaction at 50%, given deteriorating recovery trends and lower used vehicle values.

Martin Silver, 65, pleaded guilty in April, admitting that he conspired to defraud investors by overvaluing distressed loans and creating bogus documents and fake loans to hide losses.

The pro-rata/sequential hybrid structure provides some credit enhancement along with cumulative loss and delinquency trigger events and excess spread.

Fitch and Moody's might have differing outlooks on the notes' CNL outlook, but they agree that HDMOT 2023-A's collateral pool is marginally stronger.

Healthcare companies used to be some of the safest to lend to during economic downturns, until private equity firms bought them out and larded them with debt.

The regulator's proposal adds to measures already in place—net short positions—but critics worry that overzealous application could dampen the market.

PAID 2023-1 will secure the underlying assets through a three-month pre-funding period, half of the six-month period that was in place for 2022-5.