© 2026 Arizent. All rights reserved.
For reprint and licensing requests for this article, click here.
A new originator and acquirer is on tap for the SDART program, and comes to market under Rule 144A, unlike previous Santander transactions.
Classes A, B and C benefit from credit enhancement levels of 26%, 17% and 13%, respectively and have an initial loan-to-value ratio of 74%, 83% and 87%, respectively.
Slated to close on March 24, the deal is Capteris' second 144A term securitization and has a stressed cumulative net loss rates ranging from 25.14% to 7.75%.
Credit enhancement builds over time and includes non-declining overcollateralization at 5.00% of the initial adjusted pool balance, and a reserve fund that represents 0.25%.
As the deal's servicer, GLS is considered less able to mitigate non-collateral risks on behalf of securitization bondholders, it is still experienced, with more than 35 ABS deals.
