Summary: Barclays Capital Inc. (Series 2022-YX1194); Tender Option Certificates/Bonds

April 28, 2022 2022-YX1194 Michigan State Housing Development Authority single-family mortgage revenue bonds, 2021 series A Barclays Bank PLC Barclays Capital Inc. Barclays Capital Inc. S&P Global Ratings assigned the above-mentioned ratings to the floater receipts , reflecting its opinion of the likelihood the trust will have sufficient assets to pay timely interest and full principal when due on the receipts. Trust assets include all distributions of principal; interest; and premiums, if any, from the underlying securities and the liquidity facility, which is in place to support tender payments on the floaters. The long-term component of our rating on the floaters reflects the ratings on the underlying securities and addresses full and timely interest-and-principal payments when receiptholders have not exercised

...S&P Global Ratings assigned the above-mentioned ratings to the floater receipts , reflecting its opinion of the likelihood the trust will have sufficient assets to pay timely interest and full principal when due on the receipts. Trust assets include all distributions of principal; interest; and premiums, if any, from the underlying securities and the liquidity facility, which is in place to support tender payments on the floaters. The long-term component of our rating on the floaters reflects the ratings on the underlying securities and addresses full and timely interest-and-principal payments when receiptholders have not exercised the put option. The short-term component reflects the lower of our rating on the liquidity provider and the short-term equivalent of our rating on the underlying security. The short-term rating addresses full and timely interest-and-principal payments when receiptholders exercise the put option....

Summary