ABS

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.

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.

Central banks' aggressive interest-rate hikes to tame inflation have increased the likelihood of borrowers' interest-rate coverage falling short.

HPEFS, 2022-3, is one of the smallest securitized transactions to be issued from the program in two years, and it has the smallest aggregate contract balance.

A measure of U.S. consumer prices rose by more than forecast to a 40-year high in September, pressuring the Fed to raise interest rates even more aggressively.