New Bond on the Block

SPUR Inaugural Railcar ABS SPUR Rail I LLC 2026-1, a $348.67mm Railcar ABS, priced today via structuring lead Wells Fargo Securities and joint leads ATLAS SP and Fifth Third Securities. This marks the inaugural issuance from the SPUR Rail I LLC master trust, which was formed on March 18, 2026, in the state of Delaware. The servicer, Trinity Industries Leasing Co., is a subsidiary of TrinityRail, headquartered in Dallas, Texas, and manages leased railcars operating across North America.

The collateral is a portfolio of 6,072 railcars including 3,535 tank railcars and 2,537 non-tank freight railcars. The railcar leases are composed of approximately 86.48% full-service leases, 9.54% net leases, and 3.99% off-lease railcars. The remaining lease terms average 2.64 years. The concentration limits for the industries served are as follows: Aggregates (15.00%), Automotive (15.00%), Biofuels (15.00%), Cement (15.00%), Chlor Alkali (15.00%), Construction Material (15.00%), Crude Oil (15.00%), Coal (7.50%), DDG/Feed (15.00%), Fertilizer (15.00%), Food and Other Agriculture (15.00%), Frac Sand (8.50%), Grain (15.00%), Grain Mill Products (15.00%), Lumber (15.00%), Metal Products (15.00%), NGL (18.00%), Other (15.00%), Other Chemical (15.00%), Paper (15.00%), Petrochemicals (15.00%), Plastics (15.00%), Refined Products (15.00%), Steel/Iron (15.00%), and Sulfur Products (15.00%).

The pricing details are as follows:

4/10 [SPUR 2026-1] $348.67mm inaugural Railcar ABS via WF(str)/Atlas/Fifth Third Securities. CoManagers: Regions Securities LLC. Issued Size: $426.670MM (No Grow). Offered Size: $348.670MM (No Grow). BBG Ticker: SPUR 2026-1. Expected Ratings: S&P. Offering Format : 144A/Reg S. Min Denoms : $100k x $1k. Exp. Settle: On or about 04/20/2026. First Pay: 05/18/2026. ERISA Eligible: A-B Yes. Servicer: Trinity Industries Leasing Company (“TILC”). B&D: Wells Fargo Securities.

Please see full report: IGM_Structured_Finance_Monitor_- Weekly_US_Edition April 10 2026.pdf