ABS

The notes benefit from a cash-trapping DSCR threshold, a cash trap reserve account and a rapid amortization event.

The sponsor, Byrider Finance, had refined its proprietary underwriting system in Q4 2021, after noticing performance issues in that year's vintage.

Issuers and investors favor term SOFR for ABS floaters but regulators worry that expanding its use—even just a little—will undermine the new floating-rate benchmark.

A higher discount rate should offset expected higher debt issuance costs, while maintaining excess spread levels in the deal.

The DLL Finance trust has experienced consistently low delinquencies and net losses since 2012, with net losses reaching only 0.12% as of June 20, 2022.

The previous TAOT program issue one floating-rate tranche of notes pegged to the one-month SOFR, a term rate and a shift from the preferred daily rate.

Other officials have supported moderating their pace of tightening amid signs inflation is cooling off and investors widely expect them to move by a quarter point.

The Mulligan trust has a three-year revolving period, during which it could issue up to $500 million in additional notes, if it meets certain conditions.

Mortgages in the transaction are almost evenly split between funding owner-occupied properties (53%) and second homes or investor properties (47%).

The transaction is fixed rate from the collateral to the notes, an apparent retreat from the 2022-4 and 2022-5 deals that priced over the SOFR.

Until 2008, the roughly two dozen "primary dealers" designated by the Federal Reserve Bank of New York had a virtual stranglehold on the distribution of new US government debt.

VZMT began securitizing business device plan revenue in 2021. Now, business accounts represent up to 10% of the current securitized asset pool.

Cars make up 37.9% of the pool, a representation that hasn't been that low since cars made up 35.08% in the 2020-2 deal.

The chief investment officer is warningThe Federal Reserve could continue the fight against inflation in the second half, pushing terminal rates to as high as 6%.

The middle-market manager's diverse funding sources provide extra dry powder amid industry headwinds, and a head start to 2023 as CLO arbitrage improves.

The subordinate classes receive only scheduled principal payments and are locked out of any unscheduled principal or prepayments for five years.

BlackRock Inc. clients continued to pour money into the firm's long-term investment funds in the fourth quarter, seeking to capitalize on the preceding rout in stock and bond markets.

The transaction is the eleventh broadly syndicated securitization under Kiavi's LHOME shelf program.

The IACPM's credit outlook survey forecasts that no region will be spared over the next 12 months but timing remains elusive.

U.S. inflation continued to slow in December, adding to evidence price pressures have peaked and putting the Fed on track to again slow the pace of interest-rate hikes.