Is Travel + Leisure’s (TNL) New Timeshare Securitization Deepening Its Asset-Light Funding Advantage?

In March 2026, Travel + Leisure Co. completed a US$325 million term securitization through its subsidiary Sierra Timeshare 2026-1 Receivables Funding LLC, issuing multiple classes of asset-backed notes with a weighted average coupon of 5.11% and an advance rate of 98% under a Rule 144A and Regulation S private placement. This securitization highlights the company’s ability to tap asset-backed markets to convert timeshare receivables into funding, potentially strengthening liquidity and…Read More