Conning: ABS remittance reports indicate consumer distress
Defaults have also bumped up, another problematic indication of stress for investors in securitizations of consumer loans.
By
John Hintze
ABS
Byzfunder’s business capital financings support $165 million in ABS
A revolving pool of business loans and merchant advances secures the deal, and the revolving period ends on May 31, 2029, about 36 months after the initial closing date.
MRE’s aircraft ABS aims to raise $612 million
The transaction's debt service coverage ratio (DSCR) was calculated from a three-month lookback window of cash flows, shorter than the ABS transactions pre-COVID 19.
Evercore sees once-niche fund-stake debt surging to $30 billion
The market for so-called collateralized fund obligations could top $30 billion of new volume this year, up 50% from last year.
Modernized credit scores gain traction despite operational hurdles
As lenders explore the adoption of FICO 10T and VantageScore 4.0, setbacks and data limitations remain.
Merchant financing from Kapitus backs a $150 million ABS
Kapitus funds receivables through two revolving securitizations totaling $575 million, and a $230.1 million warehouse line of credit from Truist, which matures in June 2027.
TowerPoint Fixed Rate Secured Cellular raises $386 million
Any additional securities that the transaction issues will rank equally with the class that has the same class designation.
Banker’s Healthcare raises $396 million from consumer loans
Initially, the transaction will follow a sequential repayment structure that requires each note class to reach a required overcollateralization percentage before the next subordinate class begins receiving principal.
Music royalty revenue supports Chord Music’s $500 million in ABS
Notes will be backed by royalties from a music catalog containing more than 3,750 works from top artists and songwriters, including Diplo and ZZ Top.
First Help’s pool of subprime auto loans backs $326.8 million ABS deal
Analysts expect the pool to be composed of receivables primarily from franchise dealers that offer indirect financing to consumers often overlooked by traditional financing sources such as banks.
Yamaha Motor raises $400 million in ABS from dealer floorplan credits
The benchmark on the class A2 could change under certain circumstances, and the maximum allocation to the A2 notes will be 50% of the overall size of the A class.
Data center ABS Iskandar and Kaveh bring to market, raising $1.4 billion
Iskandar and Kaveh have a liquidity reserve of about $16.3 million at closing, and a cash-trapping trigger if the three-month average class A debt service coverage ratio (DSCR) falls below 1.45x.
Fiber network provider Zayo Group’s latest ABS floats $2.3 billion
Zayo Issuer, series 2026-1 and 2026-2, uses a master trust structure that will initially issue five tranches of classes A, B and C notes, and can issue additional classes if they meet certain conditions.
Clarus Capital’s second equipment ABS deal will offer $310.1 million
The sophomore outing follows a similar structure as the Clarus 2024-1, with six tranches of class A, B, C, D and E notes. The A2 tranche will issue the bulk of notes, $165.4 million.
Dell Equipment’s latest ABS to raise $1 billion
The public and large institution segment make up 89.7% of obligors, up from the 87.7% seen in DEFT 2025-2, an increase that was driven largely by an increase in the large enterprise institution segment.
Santander plans SRTs on UK, US loans amid acquisition spree
Banks have latched onto risk transfers in record numbers to gain regulatory relief that paved the way for new lending, acquisitions or shareholder payouts.
GoodLeap raises $408.9 million in ABS from home improvement portfolio
The deal increased its initial credit enhancement levels across the board, with the A-, BBB and BB- notes benefiting from levels of 21.89%, 1.89% and 5.74%, respectively.
Westgate Resorts raises $207 million in timeshare ABS
The deal structure includes credit support from a full turbo structure. All excess cash flow will be used to repay note holders without the issuer receiving excess spread until the notes are fully repaid.
Credit9’s $122.4 million issuance is backed by debt settlement loans
The deal has a three-month prefunding period, which begins on its expected April 2 closing date, and assets transferred into the pool will be subject to concentration limits.
Capteris equipment leases support $436.9 million
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%.
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