Securitization

The move comes as bonds Saks sold to finance its $2.7 billion acquisition last year have lost more than a third of their value since they were issued in December.

A vast majority of borrowers have either graduated from one of MPOWER's eligible graduate degree programs in science, technology, engineering and math (STEM) or business.

EFF 2025-2 will allocate revenue collections to the notes on a pro rata basis between the class A notes and the seller's interest after overcollateralization reaches its target.

Scrutiny will be particularly strong on the results of the $70 billion five-year auction on Wednesday because over 60% of foreigners' holdings are concentrated at that maturity or less.

The capital structure includes amortization triggers based on cumulative net loss levels and material modified loan ratios.

The sponsor launches the deal after a period of increased originations in marine and recreational vehicle loans, will secure the notes.

The notes benefit from various levels of debt service coverage ratio (DSCR) triggers that help support repayment.

Jeffries is preparing to sponsor $143.2 million in securitized bonds backed by unsecured consumer loans underwritten largely through income verification.

As servicer, Rocket Mortgage will not provide advances of delinquent principal and interest. Doing so runs the chance of intermittent cashflows to the trust.

The structure includes credit enhancement from overcollateralization representing 16.4% of the pool balance.