Securitization

The pass-through certificates are supported by a full pool of amortizing loans, which have no interest-only periods.

Now the structured mortgage securities are cheap enough that CLO investors are watching them more closely, according to strategists and investors.

The United Auto 2025-1 series of notes has a more mixed subordination element compared with the previous deal.

Tax liens have so-called super priority in repayments, even placing ahead of a previously filed mortgage.

A set of performance-related triggers—cash trapping and expense reserve—will help maintain cash flow to the notes.

Over 85% of the collateralized loan obligation's total dollar value will be comprised of apartment complexes and hospitality and industrial properties.

The giant asset manager is launching new CLO funds that generate higher returns without significantly increasing risk–by focusing on the less-favored tiers of CLO stacks.

Full documentation accounts for a little over a third of the pool, but otherwise FICO scores are high, as are weighted average liquid reserves.

From the Q3 2021 to the early 2024 vintages, cumulative gross loss (CGL) levels had been trending up, likely due to consumer credit normalizing, due to inflationary pressures.

GM Financial Revolving Receivables Trust, 2025-1 has a five-year-long revolving period, risking exposure to assets with longer terms.