December remittance reports showed mixed credit performance across securitized equipment loan and lease ABS collateral pools during the November collection period. Delinquency rates (60+ days) decreased 18 basis points (bps) month-over-month (MoM) but increased 35 bps year-over-year (YoY) to 0.99% in KBRA’s headline Equipment Loan & Lease index (see Figure 1). Meanwhile, the percentage of accounts 60+ days past due declined 47 bps MoM but climbed 36 bps YoY to 1.17% in the Small-Medium Ticket sub-index (see Figure 2) and rose 1 bp MoM and 35 bps YoY to 0.87% in the Large Ticket sub-index (see Figure 3).
Annualized net losses in our headline Equipment Loan & Lease index fell 15 bps MoM but rose 11 bps YoY to 0.62% (see Figure 1). Small-Medium Ticket net losses were up 30 bps MoM and 32 bps YoY, coming in at 1.04% (see Figure 2), while Large Ticket net losses declined 44 bps MoM and 1 bp YoY to 0.33% (see Figure 3).
The data shown in this report and other indices metrics can be…
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