ABS

Initially, the reserve account starts at 0.0%, but it will be funded to either 1.00%, 2.00% or 3.00%, depending on the level of the notes' three-month average excess spread.

The trust will repay on a pro rata basis each month until the collateral's aggregate principal value is 50% of the aggregate principal value of the collateral obligations at closing.

Class A notes benefit from total hard credit enhancement equal to about 31.50% of the portfolio balance, while enhancement levels range from 23.75% on the class B notes to 2.00% on the class G notes.

Much of that growth appears to have happened since the beginning of the year. JAAA's AUM was $5.3 billion at the end of 2023, suggesting a 94% increase.

All the notes benefit from total hard credit enhancements built into the structure, representing 3.5% of the pool balance, which includes an initial reserve of 1.0%. and non-declining 2.5% in overcollateralization.

The latest note sale is within the February securitization's two-year revolving period. It brings the total issuance to $1 billion and the notes have a maturity date of February 15, 2029.

Urschel has covered complex esoteric asset-backed securities such as whole business, digital infrastructure and energy asset securitization. Chambers USA ranks Urschel in band 1 for whole business securitizations group.

The existing notes, known as non-standard debt and held by insurers, were swapped this month into newly issued commercial mortgage-backed securities in equal proportions.

The size of the debut deal, led by structuring advisors Morgan Stanley and Barclays Plc, hasn't been determined.

Western Benefits Group initiated contracts with student loan borrowers extracting monthly fees upfront, while claiming to negotiate debt consolidation through a supposed affiliation with the Department of Education, the CFPB said.