Prime auto ABS

Coupons range from 4.17% on the A1 notes, rated P1/A1+ by Moody's and Fitch Ratings, respectively, to 5.38% on the class N notes, which S&P rates BB.

TLOT 2025-B has a couple of other credit strengths, including Toyota's experience as a sponsor and servicer, and the underlying loans' strong quality.

Almost all the notes are fixed rate, except for the A2-B tranche which pay a coupon based on the one-month Secured Overnight Financing Rae (SOFR).

Principal will only be paid out to Huntington's noteholders when each tranche of notes maintains a certain level of credit enhancement.

A few structural changes are in SFUEL 2025-B, compared with SFUEL 2025-A, and the classes A and B notes benefit from higher subordination levels.

Moody's finds that Honda's underlying pool has a strong credit profile, and that tier A loans account for 77.1% for the base principal note amount.

The deal faces a few upfront credit challenges, including the fact that the collateral's credit quality has weakened.

More than 10,000 prime retail loan contracts on mostly used cars will secure the notes.

Moody's Ratings has assigned AAA to the Class A notes, which account for 87.3% of the transaction.

One atypical feature, for an auto ABS deal, is that principal on the notes will be reduced in a reverse sequential order based on realized losses.

TALNT 2025-1's notes benefit from initial hard credit enhancement that totals 6.33% of the note balance.

All the senior notes—including A1, rated P1 and A2 through A4, rated Aaa—benefit from total initial hard credit enhancement equaling 4.80% of the pool balance.

BAAT Auto Trust series 2025-1, has a super-prime underlying borrower base, as FICO scores exceeding 800 made up 55.2% of the pool.

The WA original term is about 68 months for all three pools. That is shorter than the term on the previous series, but within the range of terms on recent deals.

The deal can be upsized to $2 billion, and the transaction will repay principal sequentially, growing non-declining enhancement as the notes amortize.

Yields, are expected to come in ranging from 4.4% on the class A notes, to 4.5% on the class A4 notes.

Loans on used cars, extended to borrowers with prime credit characteristics, make up the reference pool of assets.

GM Financial Revolving Receivables Trust, 2025-1 has a five-year-long revolving period, risking exposure to assets with longer terms.

The A2B notes in TAOT 2025-A will make up 75% of total class A2 notes, a much higher percentage of floating-rate A2B notes than recent deals.

The prime pool can be upsized to $1.7 billion, and the base pool amount has a lower securitization discount rate of 9.60%, lower than the previous deal from this program.