In the context of securitisations, bps refers to
basis points. Basis points are a unit of measurement equal to one hundredth of a percentage point. For example, an interest rate of 6% is equivalent to 600 bps.
Bps are often used to measure the yield on
bonds and other fixed-income securities. The yield on a
security is the amount of interest that the security pays, expressed as a percentage of the security's face value. For example, a bond with a face value of $1,000 and a yield of 6% will pay $60 of interest per year.