Consumer loans secure Pagaya Structured Products’ $321.4 million offering
Among changes from the PAID 2025-8 transaction, the current deal has a 24-month revolving period when eligible collateral can be purchased.
ABS
CLIF Holdings floats $145 million in ABS of residual cash flows
CLIF Holdings' capital structure includes overcollateralization and a liquidity account of $1 million.
Willis Engine floats $392.9 million in aircraft-related ABS
The deal includes debt service coverage ratio (DSCR) triggers, where a cash trap event will occur on any payment date if the DSCR falls below 1.15x.
New Residential raises $493.7 million in non-prime RMBS
The terms of NRMLT 2025-NQM7 will not allow it to advance principal and interest on loans that are delinquent by 180 days or more.
Equipment lessor Dext raises $439.14 million in latest 144A deal
Dext ABS 2025-2 includes a prefunding account with an amount of $65 million, or 15.0% of the collateral's total combined balance.
Hilton Grand Vacations aims to raise $415.3 million on timeshare loans
After the prefunding period, up to 7.50% of the total pool balance will consist of collateral from earlier transactions or newly acquired assets, timeshare loans.
Fiber comm networks support $750 million issuance from Metronet
The underlying portfolio consists of 608,810 contracts, with two thirds of the cash flow supporting the transaction from a wholesale agreement that includes T-Mobile.
Fed Data: Banks ramp up lending to structured finance
Baby Boomers' annuities purchases continue to fuel banks' lending to collateralized loan obligations, asset-backed securities and special purpose entities.
By
John Hintze
GoodLeap-originated home solar leases to help raise $140.2 million
For TIP Solar ABS, the securitization share of ADSAB and cashflows payable to the cash equity holder, are about $200 million and $171.4 million.
Equipment lender Ansley Park’s first ABS raises $453.4 million
Although the deal, which closes on November 26, is the first securitization from Ansley Park, its owned portfolio since January 2024 has had strong performances with no losses to date.
GoodLeap’s pool of home improvement loans backs $522.9 million in ABS
GDLP 2025-3 has a so-called vertical risk retention structure, where 95% of the collateral balance is allocated to the noteholders, while retained interest noteholders will hold the rest.
GreenSky’s home improvement loan program to back $718.1 million in ABS
If class A notes fail a credit enhancement rest, a cumulative default ratio amortization event occurs, or the pool balance is 10% or less, then GSKY 2025-3 will move to a sequential pay structure.
Upstart raises $320 million in ABS from unsecured consumer loans
Since introducing the Upstart Macro Index to address increasing delinquency rates in previous years, the changes to its underwriting and credit models have improved future vintages' performances.
Verizon Master Trust to securitize $500 million in device payments
Loan sizes are only $477.50 on average, while borrowers attached to the contracts have weighted average FICO scores of 727.
Duke Energy storm recovery bonds to raise $561.3 million
The proceeds from the deal will recoup costs for repairs on energy infrastructure damaged after Hurricane Helene in 2024.
Maritime Partners raises $281.7 million in the latest master trust issuance
MP 2025-1's loan-to-value ratio will not exceed 70% of aggregate appraised value. To maintain this leverage level, the deal will also collect supplemental principal payments.
Fidium entities jointly issue $1.2 billion in master trust deal
In addition to that subordination, the deal structure includes cash trap and sweep conditions to support cash flow to the deal.
Dunkin parent to raise $1 billion from franchise revenue
Senior notes are supported by an interest reserve account, and class A2 notes have a scheduled annual amortization of 1.0% before their anticipated repayment.
Americor raised $153.1 million on first rated debt settlement ABS
AMDR 2025-1 is the inaugural securitization for Americor, an Irvine, Calif.-based which offers debt resolution services, personal loans, debt resolution loans, mortgages and home equity lines of credit.
ECB urges caution on synthetic SRTs in securitization overhaul
The ECB will argue that shifting credit risks off the balance sheet through so-called synthetic significant risk transfers could expose banks to refinancing risks during market stress.
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