Subprime issuer debuts as caution on smaller lenders grows
Arivo Acceptance, a privately held subprime auto lender, priced an inaugural $167m ABS on Monday. The deal comes as investor caution around subprime consumer credit — particularly from smaller, private lenders — is on the rise.
Arivo’s debut deal is backed by a portfolio of subprime and non-prime loans with an average FICO score of 594. The class ‘A’ notes were priced at 140bp over euro dollar spot forward, while the class ‘B’ notes were priced at 200bp over swaps and the ‘C’ notes
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