Securitization

Notes are expected to pay a coupon of about 2.5% over the Swiss Average Rate Overnight (SARON) with an expected maturity of seven years.

Ratings analysts caution that the notes have a WA life of about three years while, and the underlying asses have a WA remaining term of about 20 years.

Principal will only be paid out to Huntington's noteholders when each tranche of notes maintains a certain level of credit enhancement.

Marine vehicles and recreational vehicle loans compose half the collateral pool, 50.8%, but long original terms exposes the collateral pool to some risk.

A few structural changes are in SFUEL 2025-B, compared with SFUEL 2025-A, and the classes A and B notes benefit from higher subordination levels.

Most of the pool, 74.6%, was underwritten to less than full documentation. Of the pool loans, 38.2% of them were underwritten to a 12-month or 24-month bank statements.

Most of the capital structure will pay fixed-rates to noteholders, except for the A1B notes, which offers floating-rate notes pegged to the one-month SOFR.

Traders were watching a slew of data on a bigger-than-expected increased in jobless claims and expanded manufacturing Thursday.

The collateral pool is composed of a mix of 939 first-lien loans, lent to highly qualified borrowers, and under tightened underwriting standards.

While Trump's trade war has roiled markets, unnerved foreign governments and provoked criticism from leading economists, S&P affirmed its AA+ rating for the US — a score it's given since 2011.

The percentage of larger loans in HGVT-2 is 20.08%, S&P said. While that is lower than the 23.2% seen in the previous deal, it is still too high.

Most of the pool, 68.6%, is in the repayment phase, while 19.1% of the loans in the pool are in deferment.

Apollo bundled assets plucked from its own funds, including real-estate debt, into a Bermuda-based vehicle, and sold bonds against it with investment-grade ratings and unusually long lifespans.

One tenant accounts for 59.7% of the leased capacity and 56.4% of annualized adjusted base rent, but also has a AAA rating.

Last year the Fed cut its benchmark rate by 50 basis points in September, and went on to lower rates twice more, even as 10-year Treasury yields rose.

The proposed injection would be structured as a first-out, first-lien bond. The incremental debt would carry a 10.5% coupon with a 2031 maturity.

The entire pool was originated using agency underwriting, with PennyMac being the largest originator, and accounting for 66.1% of the mortgage loans.

Data centers across 20 markets will provide the revenues to support the notes. Also, the largest customer accounts for 6.5% of annualized monthly recurring revenue (AMRR).

Domino's also raised $320 million through a variable funding note facility, not offered to investors. Barclays Plc is leading the transaction, joined by Guggenheim Securities LLC.

There is no amortization during the entire term, and interest-only payments are based on the one-month Secured Overnight Financing Rate (SOFR), plus a spread of about 3.74%.