Exeter prices auto ABS, as subprime concerns loom
Subprime auto issuer Exeter Finance priced EART 2017-2 on Wednesday, its second subprime auto ABS of the year, hitting the market at a time of growing concern over declining vehicle prices and rising borrower delinquencies in the sector.
The negative headlines around the US auto market have hit ABS investor demand in recent weeks, according to Wells Fargo analysts. GM Financial, Ally Financial and Ford Motors all announced earlier this month that used vehicle prices are expected to decline this year.
“The barrage of headlines in the
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