The two restaurant chains will use the ABS proceeds to largely pay down their previous deals. The Taco Bell issuance received a higher rating than Hooters.
Mortgage securitizations from Freedom Mortgage and New Residential Investment are backed by servicing fees, while Rapid Financial Services is peddling its first small-business ABS since 2018.
One of the five draft bills proposed by the House Democrats this week seeks to establish a board that would be responsible for assigning rating services to provide grades on MBS and ABS.
CLO issuance has gained speed with the macro environment looking good and interest rates rising. Note: While S&P was quick to downgrade deals during the pandemic, upgrades have been slower.
JPMorgan Chase Bank’s third risk-sharing deal involving auto ABS is based on a reference pool of loans with an unpaid principal balance of $3.98 billion. The loans will remain on the bank’s books.
American Airlines is the latest airline to upsize a transaction tied to its mileage rewards program. United started the trend in July and Delta followed in September.
Christopher Stanley, a security engineer at SpaceX, is the first member of Elon Musk’s Department of Government Efficiency to join a GSE board.
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