November remittance reports, representing the October collection period, showed fairly stable month-over-month (MoM) credit performance across securitized equipment loan and lease ABS collateral pools. In KBRA’s headline Equipment Loan & Lease Index, 60+ day delinquency rates stood at 1.17%, down 4 basis points (bps) MoM, but up 62 bps year-over-year (YoY) (see Figure 1). Meanwhile, 60+ day delinquency rates in the Small-Medium Ticket sub-index improved 16 bps MoM, but climbed 96 bps YoY, to 1.66% (see Figure 2). 60+ day delinquencies in KBRA’s Large-Ticket sub-index were unchanged MoM and climbed 41 bps YoY to 0.86% (see Figure 3).
Annualized net losses in KBRA’s headline Equipment Loan & Lease Index increased 2 bps MoM and 52 bps YoY to 0.77% (see Figure 1). Net losses in our Small-Medium Ticket sub-index increased to 0.76%, up 6 bps MoM and 54 bps YoY, (see Figure 2). In our Large-Ticket sub-index, annualized net losses were unchanged MoM, however increased 51 bps YoY to…