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The whole business deal, built around a master trust structure, will be repaid primarily from franchise royalty revenue.
The twists and turns of the U.S. economy and the artificial-intelligence boom both played a role. But much of it could be traced to the White House.
Almost all the collateral was extended to borrowers attending four-year schools, and the same percentage was made to borrowers attending not-for-profit schools.
Total sales of new asset-backed securities are projected to reach $280 billion next year, edging out the $277 billion forecast for this year, strategist Powell Eddins wrote in an Oct. 31 note.
The deal has an exposure to fixed-to-floating interest rate risk. While 75%-88% of the total notes are fixed rate, while just 57% of the underlying assets are.
