ABS

The notes can withstand breakeven default levels of 73.38%, 57.8%, 40.71% and 34.17%, respectively. Those levels surpass the loss multiples of its expected 20.7% in cumulative gross defaults.

Sales of airplane leases bundled into bonds have climbed to more than $5 billion this year, from around $1 billion in 2022 and 2023.

The collateral pool is the largest in a year from the securitization program, whose yields are expected to range from 4.75% to 5.35%.

T-Mobile is broadly syndicating $500 million of securities, and the total size of the securitization is $561.34 million.

The current pool of borrowers with FICO scores below 700 represents 14.9% of the pool, compared with 13.5% of the 2023-B transaction, according to one analysis.

In recent weeks, the firm has told structured credit investors that it will be able to soon facilitate secondary trades under the name Atlas SP Securities, a division of Apollo Global Securities.

In the collaboration, BNP Paribas, the European Union's leading global bank will commit the $5 billion in financing to support investment-grade, asset-backed credit that ATLAS and Apollo will source from their issuer clients.

The fund aims to bring greater granularity and spreads of consumer assets to institutional investors that typically have a greater exposure to corporate credit assets.

Since July 21, 2021, the cutoff date before its last deal, Avant's active credit card accounts increased 388%, to its current 1 million accounts.

On a cumulative basis, Moody's expects the asset pool to have a net loss of 1.25%, down from 1.50% in the prior deal.