Securitization

Moody's Ratings has assigned AAA to the Class A notes, which account for 87.3% of the transaction.

The transactions represent Hertz's 16th and 17th term ABS transactions from the Hertz Vehicle Financing platform.

Last October's structural reorganization prepped the firm for this year's volatility.

The RMBS notes benefit from geographic diversity and credit enhancement.

The RMBS transaction is backed by first-lien, fixed- and adjustable-rate, fully amortizing residential mortgage loans, some with interest-only periods, to prime and non-prime borrowers.

The prime jumbo RMBS transaction is collateralized by 402 residential mortgage loans.

Diversity and metropolitan focus could provide resiliency in economic downturns

Eagle + West is Brookfield's premier luxury building at Greenpoint Landing.

BofA Securities, Australia and New Zealand Banking Group and Japan's SMBC Bank International are joint lead managers.

Despite market volatility, market execs say, CLOs may see another year of record issuance

A revolving pool of Walmart-branded Mastercard accounts will support the deal, which presses ahead despite risks tied to U.S. tariff policy.

Although the collateral is described as non-prime, Moody's points to several strong credit characteristics, including an average non-zero FICO score of 697 and an eScore of 768.

The deal includes two triggers, one for debt service coverage ratio, and the other for loan-to-value ratio.

The deal also includes a cumulative default trigger that, if in effect, will revert the GDLP 2025-2 deal to a sequential payment priority.

One atypical feature, for an auto ABS deal, is that principal on the notes will be reduced in a reverse sequential order based on realized losses.

They are not municipal bonds, but they follow municipal bond repayment practices.

The deal includes a step-up rate to the coupon for the A1A, A1B, A2 and A3 notes beginning in July 2029, and the increased rate will be equal to the original class coupon rate, plus 1%.

The B, C and D tranches maintain minimum subordination percentages, 12.5%, 8.1% and 4.3%, respectively, allowing them to provide credit support for the class A notes.

The Wall Street giants that created thousands of Dublin jobs since Brexit are trying to balance the challenges created by their own government with the opportunities in a country that depends on U.S. multinationals for more than 10% of its jobs.

With a shifting pool mix, concentration limits and other restrictions applied to the new assets, Fitch gives the overall deal a 15.2% base case default expectation.