Securitization

The class A notes, which KBRA assigns a AAA rating, and which have the bulk of the outstanding note balance, $259.3 million, benefits from an enhancement level of 61.10%.

The structure includes cash trap and sweep conditions, plus subordination that helps ensure cashflow to the notes.

Highlighting the risk of circularity, Banco Santander SA is exploring a fund with options for investing in its own SRTs.

Rithm Capital, a real estate investment trust, is sponsoring the deal, in which property focused investor loans represent 32.60% of the collateral pool.

Goldman Sachs and Obra Capital are providing loan funding, and the Crescent Auto Finance acquisition brings a technology platform and loan portfolio.

The membership also claims a large wallet share of borrowers' financial services business, which supports a strong direct auto lending credit profile.

A big part of the outreach is to clearly distinguish Regulation AB asset-backed securities from Exchange Act ABS, especially as new issuers and investors enter the market.

Soal is joining as a managing director in charge of SRT origination, having been a director at BMO's risk & capital solutions desk.

Proceeds will cover storm restoration costs stemming from a series of severe storms, including hurricanes Helene in 2024, Ian and Zeta in 2020, and winter storm Izzy in 2022.

As the deal's servicer, GLS is considered less able to mitigate non-collateral risks on behalf of securitization bondholders, it is still experienced, with more than 35 ABS deals.

The biggest portion of the transaction, the $290 million of class A-1 bonds rated Aaa, were sold to yield 1.33% more than their Secured Overnight Financing Rate benchmark.

There's just one catch. Investors are embracing the securitizations backed by crops, and other farm assets, faster than farmers.

Almost all the mortgages were written through alternative income documentation, primarily for investment properties, and the entire pool benefits from third-party due diligence.

Performance in recent vintages of Tesla leases, specifically 2024, had weakened recently, leading to increased credit loss expectation for the deal by 0.75%.

But even if global financial crisis 2.0 doesn't come, investors may well be in for a rough ride in the coming months as frothy financial markets come to terms with a cyclical slowdown.

A significant percentage of the Barclays Dryrock accounts, about 74.2%, were co-branded with 13 different partner credit card accounts.

Credit performance in Ford's managed portfolio normalized recently, with June 2025, delinquencies reaching 1.38%. That was higher than 1.19% from a year prior, but lower than 1.62% at yearend 2019.

During sequential interest amortization, interest on TIP Solar's class B notes will be deferred until the interest and principal on the class A notes and class B's outstanding principal amount are all paid.

When weighing investments, the CLO equity investor also considers strategies on liability management exercises when considering investments.

SRTs are expected to get a boost as policymakers look for ways to revive Europe's €1.2 trillion securitization market and increase financing for housing, energy and defense.