Two notable inaugural ABS issuers came to the market this week

A music royalty securitization for Universal Music Investments and a powersport and marine dealer floorplan transaction for Yamaha Motor Finance Corporation.

Yamaha Motor Master Trust II 2026-A (YMMT 2026-A), a $400 million securitization, was priced via structuring lead Mizuho and joint leads JPMorgan Chase, MUFG, and SMBC. The offering is backed by a revolving pool of Yamaha Motor product receivables by dealers, including motorcycles, other powersports, golf carts, and marine product inventory held for sale to retail customers. The pool includes 1,716 dealer groups and totals 89,825 receivables. The top states by geographic concentration in the pool are: Florida 12,268 receivables, Texas 4,675 receivables and North Carolina 4,075 receivables. The largest product types in the pool as a percentage of the Aggregate Principal balance are: Wave runners (19.16%), Sports Boats (16.41%), Boat Builders (15.89%), and Motorcycles (12.72%). The Yamaha Motor Corporation is domiciled in Iwata, Shizuoka Prefecture, Japan and specializes in the production of motorcycles, marine products (such as boats and outboard motors), and other motorized vehicles. It was established in 1955 as a spin-off from Yamaha Corporation.

The pricing details are as follows:

4/21 [Yamaha Motor Master Trust II (YMMT) 2026-A] $400mm inaugural Dealer Floorplan via Mizuho(str)/JPM/MUFG/SMBC. Offered Amount: $400,000,000 (no-grow). Expected Settlement: 4/29/26. Format: 144A / Reg S. First Payment Date: 5/15/26. ERISA Eligible: Yes. Expected Ratings: Moody's / Fitch. Risk Retention: US – Yes, EU - No. Bloomberg Ticker: YMMT 2026-A. Min Denoms: $100k x $1k. Bill & Deliver: Mizuho. Originator: Yamaha Motor Finance Corporation, U.S.A

Please see full report: IGM_Structured_Finance_Monitor_- Weekly_US_Edition April 27 2026.pdf