Securitization

The wave of issuance has become a test of credit market depth, while growing unease over the scale of AI spending is hammering the shares of chipmakers and cloud-computing giants.

Most of the waterfall will repay fees and interest, and any deficit or default amounts, until an early amortization event occurs.

Raising $508.6 million, and being the first to cross the half-trillion dollar mark, the Point 2026-2 series also drove down funding costs by more than 220 basis points.

The private asset-backed finance capital from Oaktree is complimentary to Temple View's public ABS program.

The super senior and senior support tranches notes will repay investors on a pro rata basis, while the A2 through B3 notes repay investors sequentially.

The deal will repay principal on a monthly basis, with senior expenses and fees first, unpaid interest payments on the class A and class B notes, then amounts to satisfy the coverage tests or to fund a principal reserve, if any.

After the turbo period—months 12 through 39—classes A2, A2, B, C, D, E and F1 will receive enough principal payments to reach their respective target note balances and stay there.

The class A notes are exchangeable and will not have a note rate, KBRA specifies, but they will receive payments otherwise for payments due to exchangeable notes.

Octagon Credit Investors is sending letters to shareholders urging them to resist efforts to have it removed as the day-to-day manager for the XAI Floating Rate & Alternative Income Trust, a CLO closed-end fund.

First-loss risk prompts Ellington's migration to the mezzanine level, although some secondary-market equity gets thumbs up.

The Additional Tax Lien Account is Acacia 2026-1's prefunding account, which will buy assets in the deal's first six months, up to $33.5 million, and is one of the deal's two investment accounts.

The pool includes called collateral and smaller concentrations of loans originated in higher credit tiers, resulting in some underlying asset weakness compared with a previous deal.

A cash trap provision calls for half of available funds to be deposited into the cash trap reserve sub-account if the debt service coverage ratio (DSCR) is between 1.35x and 1.275x.

The data center is fully leased and is completely occupied by a single hyperscale tenant, which has an AA-' rating, under a long-term lease agreement.

The initial overcollateralization level was 14.50%, an increase from 14.00%. Target overcollateralization, meanwhile, increased to 18.75, compared with 16.50% on the previous deal.

Figure Lending originated the HELOCs using the FICO 9 scoring model, which treats medical debt, rental payments and repaid collection accounts differently.

Newmarket Capital, an alternative asset manager launched six years ago, is actively engaged in facilitating structured finance solutions for multilateral development banks.

Analysts at KBRA estimate a base case loss of 4.8%, down from the estimated loss of 5.6% on the 2025-1 series.

Subprime auto and unsecured consumer loans are under pressure even as overall ABS performance remains steady.

Classes A, B and C benefit from credit enhancement levels of 26%, 17% and 13%, respectively and have an initial loan-to-value ratio of 74%, 83% and 87%, respectively.