Securitization

Notes are expected to pay a coupon of about 2.5% over the Swiss Average Rate Overnight (SARON) with an expected maturity of seven years.

Ratings analysts caution that the notes have a WA life of about three years while, and the underlying asses have a WA remaining term of about 20 years.

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

Marine vehicles and recreational vehicle loans compose half the collateral pool, 50.8%, but long original terms exposes the collateral pool to some risk.

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.

Most of the pool, 74.6%, was underwritten to less than full documentation. Of the pool loans, 38.2% of them were underwritten to a 12-month or 24-month bank statements.

Most of the capital structure will pay fixed-rates to noteholders, except for the A1B notes, which offers floating-rate notes pegged to the one-month SOFR.

Traders were watching a slew of data on a bigger-than-expected increased in jobless claims and expanded manufacturing Thursday.

The collateral pool is composed of a mix of 939 first-lien loans, lent to highly qualified borrowers, and under tightened underwriting standards.

While Trump's trade war has roiled markets, unnerved foreign governments and provoked criticism from leading economists, S&P affirmed its AA+ rating for the US — a score it's given since 2011.