The notes will be issued through series 2025-3 and 2025-4, and aside from slightly different maturity dates, they have similar initial overcollateralization and reserves.

Sabey 2025-2 will feature a $24.8 million liquidity reserve among other credit enhancement mechanisms, including cash trap and early amortization triggers.

The looming initial public offering from Swedish payments firm Klarna comes in the foreground of tariff uncertainties and inflationary pressures.

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

There is also a trigger embedded in the deal, attached to cumulative net losses that would set off a full turbo payment.

Letitia James and 22 other attorneys general have filed an amicus brief in a Maryland case challenging the dissolution of the consumer protection agency.

The rating agency covers its bases in preparation for a surge in data center debt

Among the deal's main credit strengths is that the real estate assets are protected by robust physical security, and 83.5% of the tenants have investment-grade credit ratings.

Banks are expecting increased M&A activity across the financial sector, but are concerned about acquisition by credit unions and tech integration challenges.

The deal will sell two series of notes from a new master trust, secured by revenues from three data centers in Phoenix and Toronto.