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BasePoint's technology system, including a proprietary database of historical loan performance data going back 15 years and overseen by 20 data scientists, enables it to fund borrowers daily and apply margin calls every five days.
According to the latest available database details, yields range from 6% on the class A4, AAA certificates to 5.9% on the class A8 certificates, also AAA.
The AAA ratings also stem from a 5.5% base-case loss rate, a 22.5% base-case payment rate, a 15.0% base-case yield, and a 3.0% purchase rate assumption.
Synchrony has a lower credit quality than most other bank sponsors of credit card securitization trusts in the U.S., but the average account balance is lower, too.
The prime collateral shows a pool of geographically diversified, well-seasoned accounts with an average balance that is a little below pre-pandemic levels, with 21% in subordination credit support.
