Santander targets deep subprime with return of Drive

Ryan Gosling Drive
By Will Caiger-Smith
09 Mar 2015

Santander Consumer USA, which is under regulatory scrutiny for its subprime auto securitization operations, is bringing the first ABS issuance from its Drive platform since 2006.

The $712m issuance includes six classes of notes which were priced on Thursday. The Class A-2 notes which account for $165m of the deal were priced at 65bp over eurodollar futures, whereas the Class A-3 notes accounting for $72.02m of total issuance were priced at 83bp over eurodollar ...

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