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The non-prime auto loan securitization market cleared a record transaction on July 22, with demand from qualified institutional buyers absorbing all five classes of notes.
Consumer Portfolio Services (Nasdaq: CPSS), the Las Vegas specialty finance company, priced $716.88 million in asset-backed notes against a collateral pool of $734.51 million in automobile receivables, completing its third term securitization of 2026 and the largest deal in its history.
How the capital stack was priced The five-class structure of CPS Auto Receivables Trust 2026-C reflects current institutional pricing for non-prime auto risk.
Class A notes totaling $317.3 million, with a 0.65-year average life, priced at 4.52% and earned triple-A ratings from both Standard & Poor's and DBRS Morningstar.
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