Securitization

Almost all five A1 tranches benefit from credit enhancement levels of 26.10%. The A1A tranche, however, has a credit enhancement level of 36.10%.

New U.S. ABS sales have surpassed $300 billion for a third straight year, with issuance already 11% higher than it was at this point in 2025. Spreads are the narrowest in more than four years.

The deal's obligor concentrations—its top and top five obligors account for 9.45% and 37.95% of the pool—are reigned in by WEF's focus on mission-critical essential use equipment.

Ed Comber, a pioneer in music catalog securitization, also joined the firm as a partner in structured finance and securitization.

GDLP 2026-2 also has lower levels of initial credit enhancement compared to GDLP 2026-1, at 6.12% versus 5.74%; overcollateralization at 23.90% versus 24.92% and total gross excess spread of 5.55% versus 5.98%.

A two-part sale was reached in June. Yum China Holdings agreed to buy the China-based business for $1.2 billion, while LongRange acquired the rest for $1.5 billion.

To keep cash flowing to the notes, the deal's senior notes have an interest reserve account covering three months' worth of class A note interest payments and fees.

Classes A-1FCF through A-1F will repay noteholders on a pro rata basis, while classes A2 through B3 will be repaid sequentially.

The Elliot-backed manager doubles down on research and expertise to confront market challenges, including tight arbitrage and a looming 2028 debt maturity wall.

Most borrowers, 61.2%, fall within SoFi Bank's highest tiers 1 and 2, and they have a WA income of $156,504.That's an improvement from their earnings on SCLP 2026-3.

Classes A1 through A4 benefit from credit enhancement levels of 27.00%; while classes B, C and D benefit from credit enhancement levels of 22.75%, 18.25% and 13.50%, respectively.

ODAS IV 2026-1 will issue expandable term notes, so that at any time during the revolving period the issuer can periodically upsize the notes to a maximum of $626 million.

The series 2026-1, A-1-V and 2026-1, A-2, issued from a master trust, have an anticipated repayment date of September 2031.

Bank of America upped its forecast for non-qualified mortgage issuance, with investors, particularly insurers, buying these and other non-agency securities.

NHBFA's senior bonds benefit from credit support levels ranging from 17.00% to 19.70%, based on its 'AA' stressed break-even cash flow.

S&P's base-case loss assumption on the deal is 4.75%, with a 'AAA' rating stress loss assumption of 30%, with losses increasing to that level over 12 months.

The current transaction has the largest collateral pool that the platform has issued all year, with 294 loans, and it has the highest percentage of conforming loans, at 45.1%.

If a cumulative net loss ratio amortization event occurs, then Reach 2026-3 will enter full turbo mode, a phase when the transaction will use all available funds to sequentially pay down the outstanding notes.

The series AFRMT 2026-4 and AFRMT 2026-5 have virtually identical capital structures, but have legal final maturity dates of Sept. 17, 2035, and Sept. 15, 2037, respectively.

The 2026-B notes have a total initial hard credit enhancement of 10.00%, compared with 9.60% from the previous deal, the 2026-A.