Securitization

Prime quality U.S. vehicle leases back an issue comprising 91% class A notes.

The companies are both tapping the U.S. investment-grade primary market, kicking off a potential deluge of fresh bank bonds in the wake of second-quarter earnings.

The U.K. manager's assets have declined from peak of nearly $20 billion before a spate of 2020 losses.

The deal has a slightly higher weighted-average FICO and slightly lower exposure to longer-term loans than its predecessor but a slightly worse FICO tier distribution.

CPS provides auto loans to U.S. consumers who have situational credit problems, but display an ability to pay their obligations, according to the company.

Rising balances and annual percentage rates alongside lower FICO scores mark used vehicle loan pool.

Delinquencies are balanced by low loan-to-value ratios, which could result in more favorable recoveries in the event of defaults.

The proportion of construction equipment in the pool is the highest compared with other Kubota Credit transactions, which is a potential weakness.

The six biggest banks in the U.S. are expected to sell between $28 billion and $32 billion of new bonds after they report quarterly earnings, and regional banks — seeking to raise more capital — could be right behind them.

The bond market's reenergized bulls may want to dial down their excitement, because their fortunes hinge on whether an abstract, almost elusive number, is as low as they assume.

The issue is secured by a revolving pool of term and line-of-credit small-business loans made to a diverse set of industries.

The unsecured loans are generated on marketplace lending platforms using proprietary technology that use artificial intelligence and machine learning software.

U.S. leveraged loans are delivering some of the best returns in the fixed-income market this year, indicating that investors think any impending downturn could be slow to come and not particularly severe.

Junior tranches are at the heart of the debate around whether the capital that insurers currently hold against CLOs is sufficient, and the NAIC may soon impose stiffer risk-based capital requirements.

The dollar-denominated auto loan notes are protected by currency swaps.

The underlying portfolio of car, utility vehicle and light-duty truck loans has a weighted average FICO score of 782.

Schwab Asset Management is seeking to draw investors to its high-yield bond exchange-traded fund with one of the lowest fees in the industry, even as rising rates and default fears rattle the asset class.

Resetting allows CLOs to essentially cut the costs at which they borrow, leaving more money for holders of the riskiest and highest-returning part of the structure, the equity portion, after other note holders have been paid.

The concentration of FICO scores over 750 in the collateral pool is the highest for Hyundai auto ABS transactions since 2017.

The underlying collateral pool is smaller than in the automaker's comparable ABS transaction in 2022, but with larger principal balances and higher APRs.