Subprime auto ABS tighter, but losses up

By Ryan Bolger
11 Mar 2015

Subprime auto ABS spreads have tightened since the start of the year even as performance has declined and transaction sponsors have reached further down the credit stack for new issuance.

New securitizations backed by subprime auto loans have totaled $4.8bn since the start of the year, according to Deutsche Bank. Not included in that total are subprime deals by Santander Consumer USA and American Credit Acceptance.

“Spreads on our generic two-year triple-A non-prime paper currently stands at 46bp, ...

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