Investors split on Santander's first revolving subprime auto ABS
Santander's first revolving subprime auto ABS was met with strong demand from yield seeking investors, but put off some conservative buyers who would normally buy deals from the SDART platform but were hesitant to add exposure to longer dated subprime ABS, according to sources.
SREV 2019-A has a five-year period in which the issuer can add additional retail subprime loans to the portfolio on an ongoing basis. Toyota, Ford and OneMain Financial have all issued similar revolving transactions before, but this is Santander's first.Overall, the deal was upsized by roughly $200m and ...
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