Wingspire’s third securitization raises $407 million in bonds
The deal's obligor concentrations—its top and top five obligors account for 9.45% and 37.95% of the pool—are reigned in by WEF's focus on mission-critical essential use equipment.
Securitization
Finegold moves to Vinson & Elkins to lead structured finance practice
Ed Comber, a pioneer in music catalog securitization, also joined the firm as a partner in structured finance and securitization.
Home improvement loans secure $389 million in ABS from GoodLeap
GDLP 2026-2 also has lower levels of initial credit enhancement compared to GDLP 2026-1, at 6.12% versus 5.74%; overcollateralization at 23.90% versus 24.92% and total gross excess spread of 5.55% versus 5.98%.
Pizza Hut eyes bonds backed by franchise fees to aid buyout
A two-part sale was reached in June. Yum China Holdings agreed to buy the China-based business for $1.2 billion, while LongRange acquired the rest for $1.5 billion.
Math instruction centers support $330.5 million in ABS from Mathnasium
To keep cash flowing to the notes, the deal's senior notes have an interest reserve account covering three months' worth of class A note interest payments and fees.
EFMT raises $521 million in ABS, its largest pool since May
Classes A-1FCF through A-1F will repay noteholders on a pro rata basis, while classes A2 through B3 will be repaid sequentially.
Elmwood: Liability management exercises remain top CLO issue
The Elliot-backed manager doubles down on research and expertise to confront market challenges, including tight arbitrage and a looming 2028 debt maturity wall.
By
John Hintze
SoFi’s latest consumer loan ABS, raising $460 million, has higher earners
Most borrowers, 61.2%, fall within SoFi Bank's highest tiers 1 and 2, and they have a WA income of $156,504.That's an improvement from their earnings on SCLP 2026-3.
Tesla’s latest lease-backed transaction raises $750 million
Classes A1 through A4 benefit from credit enhancement levels of 27.00%; while classes B, C and D benefit from credit enhancement levels of 22.75%, 18.25% and 13.50%, respectively.
OnDeck prepares to raise $500 million from small business loan pool
ODAS IV 2026-1 will issue expandable term notes, so that at any time during the revolving period the issuer can periodically upsize the notes to a maximum of $626 million.
HomeServe’s portfolio to support $2 billion in ABS
The series 2026-1, A-1-V and 2026-1, A-2, issued from a master trust, have an anticipated repayment date of September 2031.
Non-QM issuance estimates boosted due to investor demand
Bank of America upped its forecast for non-qualified mortgage issuance, with investors, particularly insurers, buying these and other non-agency securities.
Student loan assets from NHBFA power $234.9 million in revenue bonds
NHBFA's senior bonds benefit from credit support levels ranging from 17.00% to 19.70%, based on its 'AA' stressed break-even cash flow.
AMEX master trust platform looks to raise $571.4 million in latest outing
S&P's base-case loss assumption on the deal is 4.75%, with a 'AAA' rating stress loss assumption of 30%, with losses increasing to that level over 12 months.
PMT Loan Trust raises $363.6 million in prime RMBS
The current transaction has the largest collateral pool that the platform has issued all year, with 294 loans, and it has the highest percentage of conforming loans, at 45.1%.
Reach Financial’s latest consumer loan ABS raises $440 million
If a cumulative net loss ratio amortization event occurs, then Reach 2026-3 will enter full turbo mode, a phase when the transaction will use all available funds to sequentially pay down the outstanding notes.
Unsecured consumer loans from Affirm will back $750 million in notes
The series AFRMT 2026-4 and AFRMT 2026-5 have virtually identical capital structures, but have legal final maturity dates of Sept. 17, 2035, and Sept. 15, 2037, respectively.
Equipment contracts secure Barings’ latest ABS, raising $1 billion
The 2026-B notes have a total initial hard credit enhancement of 10.00%, compared with 9.60% from the previous deal, the 2026-A.
Guggenheim seeks to reassure clients of commercial-paper unit
Some investors have looked to buy only shorter-term commercial paper from Guggenheim, while a smaller portion of backers have paused trading the firm's products
Pagaya’s latest ABS raises $414.4 million from unsecured consumer loans
If PAID 2026-REV1 doesn't breach any triggers, then the deal might pay an annual step-up premium representing 1.00% of each class's outstanding amount.
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