There is no shortage of capital and cash in the markets.
All IOU needs to do is ask for it and they will have hundreds of millions of dollars thrown at them for close to 0% interest rate.The deal saw Zip sell securities worth $650 million for the Zip Master Trust Series 2021-2, which was more than the initially targeted $500 million.
The top tranche, expected to be rated AAA by Standard & Poor’s, was worth $422.5 million.
The deal was slated to settle on September 10.
It comes less than one week after Zip and its brokers started talking to potential investors. Price guidance on the top tranche was pegged at 85 basis points to 90 basis points.
