ABS New Issue Activity Report: Equipment

Comprehensive Analysis of Asset-Backed Securities Market

Coverage Period: 2026-01-21 — 2026-09-22 | Generated: 2026-10-01

$20.10B

Total Issuance

Deals Priced

161

Tranches Issued

Unique Issuers

Sector Dashboard01

Sector	Total Issuance	Tranches	Deals	Median WAL	WA Spread (bps)
Equipment	$20.10B	161	34	3.0	74.6

Issuance Volume by Sector ($B)

Rating Tier Analysis02

Rating	Total Issuance	Tranches	Median WAL	Median CE (%)	Avg Spread (bps)
AAA	$15.44B	89	1.3	13.1	47.3
AA	$529.0M	18	3.5	21.8	108.8
A	$2.71B	21	4.3	19.3	138.6
BBB	$714.6M	17	4.3	11.7	188.5
BB	$641.1M	15	4.7	8.1	381.9

Issuance by Rating ($B)

Average Spread by Rating (bps)

Lead Manager League Table03

Rank	Lead Manager	Volume	Deals	Market Share (%)	Avg Spread (bps)
1	BofA	$6.63B	10	33.0	91.2
2	Barclays	$2.67B	2	13.3	120.8
3	Wells	$2.61B	6	13.0	101.1
4	GS	$1.53B	2	7.6	117.0
5	Mizuho	$1.49B	2	7.4	35.8
6	JPM	$910.3M	1	4.5	40.0
7	Truist	$795.8M	2	4.0	-
8	RBC	$779.9M	1	3.9	33.0
9	BNP	$680.8M	1	3.4	83.2
10	TD	$629.0M	2	3.1	197.0
11	SG	$626.0M	1	3.1	49.7
12	BMO	$330.3M	1	1.6	104.7
13	Capital One	$141.6M	1	0.7	142.5
14	ATLAS	$137.4M	1	0.7	135.0
15	Brean	$132.9M	1	0.7	275.0

Top 10 Largest Deals04

Rank	Deal	Issuer	Sector	Size	Tranches	Rating Range
1	VBTEL 2026-1A	VB-S1 Issuer LLC	Equipment	$1.66B	3	A-BB
2	CNH 2026-A	CNH Equipment Trust	Equipment	$1.21B	5	AAA
3	DEFT 2026-1A	Dell Equipment Finance Trust	Equipment	$1.01B	6	AAA-A
4	MMAF 2026-A	MMAF Equipment Finance LLC	Equipment	$942.1M	4	AAA
5	MMAF 2026-B	MMAF Equipment Finance LLC	Equipment	$910.3M	4	AAA
6	CNH 2026-B	CNH Equipment Trust	Equipment	$907.7M	5	AAA
7	MNET 2026-1A	MetroNet Infrastructure Issuer LLC	Equipment	$903.4M	2	A-BB
8	VFET 2026-2A	Volvo Financial Equipment LLC	Equipment	$786.8M	4	AAA
9	JDOT 2026-B	John Deere Owner Trust	Equipment	$783.0M	5	AAA
10	JDOT 2026-A	John Deere Owner Trust	Equipment	$779.9M	5	AAA

Monthly Issuance Trend05

Monthly Issuance Volume and Deal Count

Spread Distribution by Rating Tier06

Box and Whisker Plot: Spread (bps) by Rating Tier

Rating	n	Min	Q1 (25%)	Median	Q3 (75%)	Max	IQR	Outliers
AAA	76	14.0	33.0	43.0	57.0	135.0	24.0	2
AA	14	83.0	90.0	108.0	126.0	145.0	36.0	0
A	18	110.0	125.0	140.0	149.0	185.0	24.0	1
BBB	13	160.0	165.0	190.0	200.0	235.0	35.0	0
BB	8	310.0	350.0	355.0	400.0	535.0	50.0	1

Reading the Box Plot

The box represents the interquartile range (IQR) from Q1 (25th percentile) to Q3 (75th percentile), with the median line inside. Whiskers extend to the most extreme data points within 1.5x IQR of the box. Points beyond whiskers are outliers.

Spread Distribution by Sector07

Sector	Min	Median	Mean	WA Spread	Max	Std Dev	Count
Equipment	14.0	67.0	101.1	74.6	535.0	91.2	130

Top Issuers08

Rank	Issuer	Volume	Deals	Market Share (%)
1	CNH Equipment Trust	$2.12B	2	10.5
2	MMAF Equipment Finance LLC	$1.85B	2	9.2
3	VB-S1 Issuer LLC	$1.66B	1	8.3
4	John Deere Owner Trust	$1.56B	2	7.8
5	Volvo Financial Equipment LLC	$1.46B	2	7.3
6	Dell Equipment Finance Trust	$1.01B	1	5.0
7	MetroNet Infrastructure Issuer LLC	$903.4M	1	4.5
8	GREAT AMERICA LEASING RECEIVABLES	$747.9M	1	3.7
9	Kubota Credit Owner Trust	$706.4M	1	3.5
10	PEAC Solutions Receivables LLC	$680.8M	1	3.4
11	DLLMT LLC	$672.4M	1	3.3
12	M&T Equipment Notes	$627.9M	1	3.1
13	DLLAA LLC	$626.0M	1	3.1
14	CCG Receivables Trust	$517.9M	1	2.6
15	Post Road Equipment Finance	$501.6M	1	2.5

Average Deal Size by Sector09

Sector	Deals	Total Volume	Avg Size	Median Size	Min Size	Max Size
Equipment	34	$20.10B	$591.1M	$572.0M	$132.9M	$1.66B

Relative Value: Tightest & Widest Spreads10

Highlighting pricing outliers within each investment grade rating tier. Tightest spreads may indicate strong sponsorship or collateral quality; widest may signal newer issuers, complex structures, or sector-specific risk.

AAA Tranches

Tightest 5

#	Deal	Class	Sector	Spread	CE (%)	Size
1	CNH 2026-A	A1	Equipment	14.0	87.0	$186.4M
2	MMAF 2026-A	A1	Equipment	14.0	80.5	$207.0M
3	VFET 2026-1A	A1	Equipment	14.0	74.0	$196.0M
4	JDOT 2026-A	A1	Equipment	14.0	3.5	$213.0M
5	CNH 2026-B	A1	Equipment	14.0	81.6	$190.0M

Widest 5

#	Deal	Class	Sector	Spread	CE (%)	Size
1	RDAP 2026-EQ1A	A	Equipment	135.0	33.3	$105.8M
2	AVT 2026-1A	A	Equipment	110.0	24.5	$112.4M
3	GBEF 2026-1A	A2	Equipment	90.0	18.4	$179.9M
4	SLREF 2026-1A	A2	Equipment	88.0	26.5	$149.1M
5	CLARUS 2026-1A	A2	Equipment	85.0	39.0	$165.4M

AA Tranches

Tightest 5

#	Deal	Class	Sector	Spread	CE (%)	Size
1	AXIS 2026-1A	B	Equipment	83.0	22.3	$13.7M
2	WEF 2026-1A	B	Equipment	85.0	30.7	$18.4M
3	DEFT 2026-1A	B	Equipment	90.0	15.1	$9.4M
4	GALC 2026-1	B	Equipment	90.0	8.3	$29.6M
5	CCG 2026-1	B	Equipment	90.0	11.8	$26.9M

Widest 5

#	Deal	Class	Sector	Spread	CE (%)	Size
1	RCER 2026-1A	A	Equipment	145.0	14.5	$112.6M
2	CPTRS 2026-1A	B	Equipment	130.0	24.8	$34.4M
3	CLARUS 2026-1A	B	Equipment	130.0	32.0	$23.3M
4	SLREF 2026-1A	B	Equipment	130.0	22.0	$12.3M
5	PREF 2026-1A	B	Equipment	115.0	26.8	$29.1M

A Tranches

Tightest 5

#	Deal	Class	Sector	Spread	CE (%)	Size
1	CCG 2026-1	C	Equipment	110.0	7.5	$22.9M
2	WEF 2026-1A	C	Equipment	110.0	27.4	$14.5M
3	AXIS 2026-1A	C	Equipment	115.0	15.5	$29.9M
4	GALC 2026-1	C	Equipment	120.0	5.8	$19.7M
5	PEAC 2026-1A	C	Equipment	125.0	15.0	$52.9M

Widest 5

#	Deal	Class	Sector	Spread	CE (%)	Size
1	RCER 2026-1A	B	Equipment	185.0	8.5	$7.8M
2	AVT 2026-1A	B	Equipment	175.0	13.7	$15.8M
3	SLREF 2026-1A	C	Equipment	160.0	17.0	$13.7M
4	CPTRS 2026-1A	C	Equipment	150.0	19.3	$26.1M
5	CLARUS 2026-1A	C	Equipment	150.0	28.0	$13.3M

BBB Tranches

Tightest 5

#	Deal	Class	Sector	Spread	CE (%)	Size
1	AXIS 2026-1A	D	Equipment	160.0	11.7	$16.7M
2	WEF 2026-1A	D	Equipment	160.0	12.1	$67.3M
3	VBTEL 2026-1A	D	Equipment	165.0	26.7	$290.0M
4	CCG 2026-1	D	Equipment	165.0	4.8	$14.8M
5	PREF 2026-1A	D	Equipment	175.0	16.9	$24.1M

Widest 5

#	Deal	Class	Sector	Spread	CE (%)	Size
1	RCER 2026-1A	C	Equipment	235.0	2.7	$7.5M
2	CLARUS 2026-1A	D	Equipment	220.0	12.3	$52.2M
3	XCAP 2026-1A	D	Equipment	210.0	6.0	$8.6M
4	TOWR 2026-1A	B	Equipment	200.0	-	$83.0M
5	SLREF 2026-1A	D	Equipment	200.0	13.0	$10.9M