ABS

Affirm Asset Securitization benefits from overcollateralization in several forms. Target overcollateralization during the revolving period will equal 2.65% of the initial adjusted pool balance.

The pool consists of 16,272 contracts, with an average contract balance of $93,502. On a weighted average (WA) basis, the contracts have an original term of 55.7 months.

Only loans from the Achieve Personal Loan product line are in the current collateral pool.

Overcollateralization, subordination of the junior notes, a non-declining cash reserve account and excess spread provide credit enhancement to the notes.

There is no subordination for the class A notes, but managers opted for much more overcollateralization, which stands at 18.0% as a percentage of the initial pool balance.

A 1.50% residual value risk, down 1.50% from the prior transaction; and an Aaa loss of level 8.50%, an increase of 50 bps, puts expected losses at a Aaa is 10.0%, down 1.0% from the prior transaction.

Set up as a forward flow deal, will allow Castlelake to buy Pagaya-originated loans for a period spanning one year, with an option to extend the agreement further.

The pool consists of 2,384 contracts that Commercial Credit Group (CCG) and Keystone Equipment Finance (KEF) have extended to a customer base in the transportation, construction and waste industries.

The change in tone was obvious on Monday, when SBA Communications Corp. postponed the repricing of a $2.3 billion term loan.

The transaction includes a three-year revolving period, when collection proceeds can be used to purchase new assets. The revolving period can be terminated in an Early Amortization Event.