Securitization

Both credit card and student loan issuers made up for tepid starts to 2023 by leaping over their first-quarter production numbers, but it wasn't enough to overcome an overall slide.

DriveTime's latest has initial hard credit enhancement that ranges from 55.70% for the class A notes to 15.40% for the class E notes, and the company just bumped up its warehouse commitment.

Conning and its affiliates will retain autonomy, while using the Generali connections to extend its reach into global markets.

Credit enhancement is lower for all classes relative to the Sierra Timeshare 2023-1, except for class C, and that was because of lower overcollateralization and lower subordination.

Prime Minister Justin Trudeau's government is considering winding down the Canada Mortgage Bond program in a bid to reduce borrowing costs.

Tesla features prominently in the collateral, representing 41.73% of receivables from borrowers with higher FICO scores than the overall pool.

Almost $350 billion was raised from green bond sales and loan arrangements in the first half of this year, compared with less than $235 billion of oil, gas and coal-related financing.

A vast majority of the pool, 86.35%, consists of primary homes. Investment properties and secondary homes, meanwhile, account for 11.29% and 2.36% of the collateral.

Newman will develop and implement the company's asset capital strategy, and lead a team focused on Hometap's optimization, structuring, pricing and go-to-market methods for various investor segments.

The notes have a coupon of 7.1%, a FICO score of 728 an original cumulative loan-to-value ratio of 66.9%, and an issuer debt service coverage ratio of 1.26%.

The loans coming across their desks include car debt and personal loans, from consumer lenders including LendingPoint, Best Egg and Upstart Holdings Inc., as well as regional banks.

Commercial and industrial customers comprised about 60% of SIGECO's electric sales, which potentially exposes the pool to volatility due to business changeable cycles.

The properties have a purchase price of $684.8 million, and an issuer cost basis of $744.4 million, a debt yield of 7.0%, and a debt service coverage ratio of 1.44x.

The current transaction is shaping up to be a smaller deal with higher quality assets, compared with the CMLTI 2022-RP4.

Some 23 tenants occupy the data center complex in Illinois, which accounted for 86.7% of total square footage and 86.8% of rentable power. The property has a net operating income of $62.7 million, and cap rate of 6.70%.

The deal has several performance triggers with cash trap reserves, senior note interest and expense reserves, and loan-to-value tests.

The fourth issuance of the year includes receivables from 36-month contracts, a collateral type that still has limited performance history. VSMT 2023-4 also has a 36-month revolving period.

The prime collateral shows a pool of geographically diversified, well-seasoned accounts with an average balance that is a little below pre-pandemic levels, with 21% in subordination credit support.

No Customers-originated loans were in the UPST 2023-2 pool, but Customers loans are eligible for inclusion during the pre-funding period that ends 60 days after the deal's closing date.

Citizens Financial Group announced the deal just weeks after saying that it would stop making car dealer financings.