Securitization

HINNT's sellers can repurchase defaulted loans, which increases the transaction's recovery rate, and enhances the credit to the notes.

Lemin's team of generalists seek risk-adjusted returns across the securitization spectrum. But not every asset class makes the cut.

Oxford Finance's collateral has a maximum advance rate of 72.0% on the A1 and A2 notes and 82.0% on the class B notes.

FFIN 2025-3's average loan balance, $16,366 was lower compared with the 2025-2 deal, when it was $19,993, and the WA interest rate on the current deal is 12.15%, down from 12.56%.

Each manufacturer commits to repurchasing unsold new vehicles in inventory when the dealer terminates the agreement—if they are undamaged and unused.

The pool appears to be well diversified by loan originator. Vista Point Mortgage and FundLoans Capital together originated the largest portion of the portfolio, representing 29.3%.

Up to 75% of the class A2 notes pay a coupon based on the Secured Overnight Financing Rate (SOFR). Also, since the assets pay a fixed rate, interest rate spikes could eat away at excess spread.

In terms of asset fundamentals, the high-quality tenant committed to a 15-year lease with maturity dates through various end dates in 2040. That includes 2.0% annual rent increases.

King Ridge is already managing the world's first-ever cat-bond ETF for Brookmont Capital Management, which initially planned a European version of its ETF, but shelved it earlier this year.

This is PowerPay's second 144A transaction, which has a 90-day prefunded period, initially funded with $132.9 million in deposits.

The A1 tranche contains the bulk of the outstanding notes, $251.4 million, and is divided into the 1A and 1B sub-tranches, with enhancement of 37.0% on the A1A piece and 27.0% on the A1B.

If the average one-month conditional prepayment rate (CPR) over a six-month period is equal to or greater than 25%, then Brean ABS will deposit 50% of available funds into the Refunding Account.

While Anthelion's First Brands exposure is dwarfed by other creditors, the firm's investment speaks to how pervasive the company's debt became across Wall Street before its collapse.

PFAST 2025-1 will have to navigate a market where the underlying consumers are facing increased challenges from tariff-induced higher prices and a loosening labor market.

Moody's details several strengths in the transaction, including a robust underwriting process. The assets also have a short, weighted average (WA) original term of 52 months.

Enpal and M&G's move comes at a complex moment for securitizations backed by energy infrastructure and home efficiency equipment.

Last week, JPMorgan CEO Jamie Dimon raised the alarm over certain corners of the credit markets might see outsized losses if the economy sours.

Switch has a large national network of data center properties, with more than 700 patents and patents pending for designs and operations in the space.

Overall, new 60-day-plus delinquencies totaled $2 billion, up from $1.69 billion in August, while maturity defaults accounted for half, or 51% ($1.05 billion) of new delinquencies.

While the firm has not yet finalized how much it plans to raise via the collateralized fund obligation or CFO, the transaction could be around $1 billion.