Securitization

Small Business Act 7(a) loans will secure the notes. Interest will be repaid through subordination and interest will be repaid on a pro rata basis.

Amid challenging times for loans in CLOs, Sculptor Capital Management sees refi and reset surge likely to continue well into 2025.

The renewables firm also plans to raise as much as $500 million by February via banks or a private placement in the offshore market.

Catastrophe bonds come with risk and unique advantages as some call the asset class "the holy grail" of investments.

The economist, who runs Roubini Macro Associates, is positioning for a curve steepener, a popular Treasuries trade where the gap between long- and short-dated yields widens.

The market expects 5.2% yields on the AAA-rated tranche, slightly tighter than the 5.1% seen on the AAA-rated notes on an earlier deal, the Affirm Asset Securitization Trust, 2024-B series.

There is a three-year revolving period when the transaction will not make any principal payments to the notes unless an early amortization event occurs.

The deal comes about 18 months after Maritime Partners completed its securitization of Jones Act shipping business revenue, raising $235.3 million.

GFORT 2024-4 has an interest rate mismatch between the assets and the issued notes, which could reduce excess spread in the trust to the point where it is negative.

Yield-hungry insurers, banks and exchange-traded funds fueled demand this year while a wave of redemptions crimped net supply.

Some recent performance deterioration in Volkswagen's managed portfolio vintages and securitization pools helped account for the increase in expected CNL losses.

Pivot-HASI's portfolio consists of 96 projects, most of which are community solar facilities. Single off-take power purchase agreements for commercial clients make up the rest.

The collateral pool is static, with no reinvestment period. There are no concentration limits, and the loans have a weighted average remaining term of 4.6 years.

Fogarty will represent a range of clients, including private equity sponsors, private capital lenders, financial institutions and asset managers in complex structured and securitization transactions.

The investment firm is looking to expand the sandwich chain's existing whole-business securitization.

Slated to close later this week, the transaction can be upsized to $1.6 billion.

Yields on 30-year bonds rose as much as 6 basis points to 4.68%, a level last seen at the end of May.

The notes benefit from credit enhancement levels of 30.45%, 24.3%, 13.8%, 8.65%, 5.00% and 2.05% on the A1, A2, A3, M1, B1, B2 and B3 tranches, respectively.

The current COPAR transaction has a FICO score of 782, an increase from 780 from the COPAR 2023-2, and loans with an original term greater than 72 months, as a percentage of the pool balance was 19.24%, a decrease from 22.9%.

Private-label securitization volume increased 75% this year versus 2023; conditions are right for that to continue, KBRA said.