Porsche sells first auto loan deal since 2011

By Matthew Scully
14 May 2014

Porsche Financial Services sold on Wednesday a $488.3m securitization, the firm’s first auto loan deal issued since June 2011. Navient Corp is also adding to this week’s pipeline with a new student loan ABS, announced after the US Department of Justice reported a $97m joint settlement with Sallie Mae and Navient.

Porsche’s $488.3m securitization, PFAST 2014-1, is the first ABS from the firm since it its $688m auto lease deal in October last year. The triple-A rated one year notes in this week’s loan issuance were sold at 13bps over EDSF, according to price sheets for the 144a transaction.

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