ABS

In one potential credit positive for the notes, delinquency and loss rates in the underlying pool of loans have been strong in recent years.

Stocks came under pressure, with Treasury yields surging to multiyear highs amid persistent concern that a hawkish Federal Reserve will raise the odds of a recession.

Disclosure requirements have been in place since 2019, but until now it has been unclear whether the disclosures should adhere materially or exactly to templates.

In a first for the sector the pool will include medical receivables that comprise a small, but increasing, percentage of its current managed portfolio.

Investors seem more inclined to bet on the health of consumers now than the strength of companies, judging by bond market sales.

BofA, JPMorgan Chase, and Wells Fargo saw net charge-off rates in their credit-card portfolios decline from the second quarter even as spending soared.

In a post-lockdown world, some 29.3% of the borrowers in the pool are considered self-employed, higher-than-average compared with recent jumbo prime deals.

Bank of America won't cut jobs in its investment banking unit despite the recent slowdown and plummeting fees tied to deals, says CFO Alastair Borthwick.

Prime and non-prime mortgages back the notes, and a significant portion of the collateral are loans from a Community Development Financial Institution.

A shift toward private markets is cushioning many of the world's largest investors from the wreckage wrought by runaway inflation and spiraling interest rates.