Used autos raise $462.5 million for Driveway Finance
Notes are expected to pay coupons of 4.05% on the notes rated R-1 (high) (sf) and 4.59% and 4.79% on the A1 and A2 notes, respectively.
Consumer ABS
Pagaya in smaller ABS raise, with $591 million
After the turbo period—months 12 through 39—classes A2, A2, B, C, D, E and F1 will receive enough principal payments to reach their respective target note balances and stay there.
Auto ABS suffers the most in a K-shaped economy
Subprime auto and unsecured consumer loans are under pressure even as overall ABS performance remains steady.
CarMax raises $600 million from used vehicle contracts
This series of CarMax Select Receivables notes is offering 8.42% in excess spread, a reduction from 9.85% on the CMXS 2026-A notes.
Conning: ABS remittance reports indicate consumer distress
Defaults have also bumped up, another problematic indication of stress for investors in securitizations of consumer loans.
By
John Hintze
Pagaya offers $586.2 million in consumer loan ABS
Before the transaction has amortization event, principal payments will enter full turbo during the deal's first 12 months.
A strong securitization sector should produce even more in 2026, KBRA says
New securitization volume should surpass 2024 business by 16%, after getting a boost from consumer asset-backed securities (ABS) classes and do $948 billion in new business in 2026.
Auto lender CPS closes in on $384.6 million capital raise
Subordination and a reserve account are among the protections on notes supported by subprime loans on primarily used vehicles.
Latest Barclays Dryrock credit card trust raises $609 million
A significant percentage of the Barclays Dryrock accounts, about 74.2%, were co-branded with 13 different partner credit card accounts.
Huntington National prepares to sell $3.5 billion in prime auto ABS
Principal will only be paid out to Huntington's noteholders when each tranche of notes maintains a certain level of credit enhancement.
Aqua Finance sponsors $404.1 million in ABS notes
Marine vehicles and recreational vehicle loans compose half the collateral pool, 50.8%, but long original terms exposes the collateral pool to some risk.
Stellantis Financial raises $1 billion from prime auto leases
A few structural changes are in SFUEL 2025-B, compared with SFUEL 2025-A, and the classes A and B notes benefit from higher subordination levels.
Unsecured consumer loans support $200 million from Sunbit
The securitization was also oversubscribed, with participation from more than 25 institutional investors, which will receive a blended fixed rate of 5.71%, the company said.
Mission Lane’s $550 million ABS deal
The Mission Lane Credit Card Master Trust will raise $550 million in capital from securitized bonds, secured by a pool of Visa-branded credit card accounts that Transportation Alliance Bank and WebBank originated. More than two million accounts are underpinning the transaction, called Mission Lane Credit Card Master Trust, series 2025-B, according to ratings analysts at […]
Canvas Cards prepares to sell $250 million in ABS
A revolving pool of Walmart-branded Mastercard accounts will support the deal, which presses ahead despite risks tied to U.S. tariff policy.
Honda Auto Receivables raises at least $1.7 billion in ABS
The deal can be upsized to $2 billion, and the transaction will repay principal sequentially, growing non-declining enhancement as the notes amortize.
PennyMac portfolio selling $346.6 million in prime mortgages
The transaction's senior, interest-only tranches, which are also initially exchangeable, pay a coupon of 0.50%.
Exeter Select raises $336.7 million from subprime pool
Indexed to the one-month, I-Curve, yields are expected to range from 4.60% on the A1+ rated, A1 notes to 6.22% on the BBB-rated, class D notes.
Mission Lane raises $300 million on credit card revenues
A reserve account starts off at 0.0%, but its funding level varies in line with three-month average excess spreads, if it falls below certain thresholds.
EFMT shelf issues $290.1 million in MBS
Second-lien loans make up virtually the entire pool, which carries some risk of poor recovery rates. Yet 78% of the pool is also considered safe-harbor mortgages.
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