ABS

Active bond managers are licking their wounds amid this year's historic fixed-income rout and are banking on a big rebound in 2023 to show their worth.

Three of the note classes will issue deferrable notes, where the trust can defer interest payments to the notes under certain circumstances.

As big banks pull back on lending to oil and gas drillers, some US energy companies are relying on a novel kind of bond to get the financing they need.

Some 2.9% of the pool—comprised of 1,705 loans—was 30 days delinquent, and 68.3% of the loans had experienced one or more delinquencies in the past 24 months.

Stocks slid along with U.S. equity futures as disappointing results from tech giants soured sentiment and marred a tentative recovery in equities. Treasury yields rose.

Delinquencies in the 30-day-plus cohort have not produced higher gross losses, and recoveries in recent static pool vintages are retreating to historical averages.

The economy grew at a solid pace in the third quarter, marking the first advance this year as consumers proved resilient amid widespread inflation and the Fed's hikes.

The 2022-C deal has a weaker borrower profile among loans with 61- to 72-month terms, loan terms that typically have higher loss frequency and defaults.

The worst Treasury rout in decades has room to run as the Fed unreservedly makes fighting inflation its top priority, according to JPMorgan Asset Management.

Reduced-rate loans, originated through third-party lenders, comprise a majority of the collateral in the transaction, at 58.3%.

Profits and losses aren't usually thought of as a consideration for central banks, but rapidly mounting red ink at the Federal Reserve and many peers risks becoming more than just an accounting oddity.

There's a "quite high" probability that the U.S. central bank will need to cut rates close to zero in the next three to five years, says Steven Major, HSBC's head of fixed income research.

Some 59.5% of the pool comes from Marriott Vacation Club, up substantially from 45.0% in 2022-1. The loans have stronger performance track records than other brands, except for Westin.

Junk bond sales are falling at an unprecedented rate globally as interest rates rise, a double blow to riskier companies in need of financing in the next few years.

U.S. Treasuries tumbled Friday, driving most benchmark yields to the highest levels since 2007, as policy makers signaled their determination to keep raising rates.

Revenue from operations and benefits from a perfected security interest in the securitized assets comprise the collateral assets.

The world's biggest banks have already had to use about $30B of their own cash to fund loans for acquisitions and buyouts that they weren't able to offload to investors.

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.