Asset Backed Securities

This week, two inaugural U.S. ABS issuers entered the market: a Recreation Vehicle (RV) and Marine Loans Credit-Linked Note (CLN) from U.S. Bank, and a small and mid-ticket equipment ABS from Oaktree Capital Management, premarketed via Truist Securities and Deutsche Bank.

U.S. Bank RVM Credit-Linked Notes, Series (USCLN) 2026-RVM1, $565.5mm Recreation Finance Loans (Marine and Recreation Vehicle) synthetic credit-linked note offering, registered under 144A priced via US Bank. The offering references an asset pool of loans financing the purchase of recreational vehicles (RVs) and marine products, each representing 50.0% by dollar loan balance of the $5.0 billion reference asset pool as of the cutoff date, with all loans originated or acquired by U.S. Bank. The collateral pool features a weighted average FICO score of 830, a weighted average interest rate of 6.45%, and top geographic concentrations in Florida (12.8%), Texas (9.15%), and California (8.91%).

Capital structure and pricing details:

Oaktree ABF Equipment ABS (OAKEF) 2026-1 LLC

Oaktree Capital Management is premarketing its $353 million inaugural small and mid-ticket equipment loan and lease ABS, set to price next week via Truist Securities (structuring bank) and Deutsche Bank (joint lead). The 144A registered offering securitizes a diverse pool of over 4,400 equipment loans and leases originated by Midland States Bank. The collateral pool includes construction equipment (23.99%), vocational equipment (22.05%), manufacturing/industrial equipment (14.68%), livery equipment (10.84%), and other equipment (14.72%). Top geographic concentrations are California (11.1%), Texas (11.1%), New York (6.5%), Florida (5.9%), and Georgia (3.7%).

Anticipated Capital Structure:

*WAL to 10% Call
**Inclusive of minimum 0.5% required reserve deposit based on initial note

Please see full report IGM_Structured_Finance_Monitor_- Weekly_US_Edition March 16 2026.pdf