Securitization

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%.

The transaction structure includes a revolving period of about three years that will shut out principal payments.

Moody's finds that Honda's underlying pool has a strong credit profile, and that tier A loans account for 77.1% for the base principal note amount.

Notes are expected to pay a coupon of 4.5% on the A1 through M2 tranches, compared with a 5.25% coupon on the previous deal.

Throughout Kolyer's career he innovated securitization structures with commercial real estate and residential mortgages, commercial and consumer receivables.

Portions of four of the Carlyle Group Inc. unit's funds, as well as a number of smaller stakes from other PE managers' buyout funds, are being bundled into a collateralized fund obligation.

A credit analyst manually reviews the pool's underwriting decisions, instead of just leaving it all to automation.

Built around flexible capital that can grow alongside leading originators, the strategy will seek asset-based opportunities in North America first, then add European credit markets.

The deal faces a few upfront credit challenges, including the fact that the collateral's credit quality has weakened.

the mammoth size is also likely a harbinger of growing bill auctions ahead to help plug the federal budget deficit.

The securitization was also oversubscribed, with participation from more than 25 institutional investors, which will receive a blended fixed rate of 5.71%, the company said.