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Spreads are expected to come in at 120 basis points over the 3M, I-Curve on the A1A notes and then range from 185 bps—425 bps over the 3M, I-Curve on the class B through class D notes.
March 14 -
Banks that had financed warehouse facilities and investment firms that previously bought pools of loans from originators and servicers are among student debt holders looking for an exit strategy.
March 7 -
Higher education debt originations are poised to turn a corner next year amid industry changes. The big question for observers is whether securitization will follow in 2024 business.
November 28 -
The deal has 76,440 in underlying loans, compared with 46,671 on the 2023-C deal. The average balance per borrower, however, was just $14,657, compared with the $14,430 on the 2023-C deal.
November 1 -
Esoteric transactions' premiums and longer durations are especially attractive, as other consumer assets are put to the test.
October 25 -
The outstanding notes have 18.6%-19.6% of credit support in place, based on stressed break-even cash flow scenarios.
October 19 -
The deal has a sequential repayment structure and collateral with 168 months of seasoning. The loans are already past their peak default periods, which each typically occur three to five years after a borrower enters repayment.
October 4 -
Should the transaction's cumulative default rate exceed 2.45% on or before Oct. 25, 2027, a lockout trigger accelerates note principal repayments from closing until May 25, 2024.
October 3 -
The deal will issue two series of notes, which benefit from a reserve account with approximately $1.4 million, representing about 2.0% of the initial bond balance.
September 25 -
High-quality attributes secure the notes, including that 90.7% of the loans are been co-signed, and just 12.1% of the trust's loans consist of direct-to-consumer (DTC) loans.
August 16