CPS Announces $416.82 Million Senior Subordinate Asset-Backed Securitization
Consumer Portfolio Services (CPSS) has closed its fourth term securitization of 2024, totaling $416.82 million in asset-backed notes secured by $436.00 million in automobile receivables. This marks the company's 53rd senior subordinate securitization since 2011 and the 36th consecutive to receive a triple 'A' rating from at least two rating agencies on the senior class of notes.
The transaction, CPS Auto Receivables Trust 2024-D, consists of five note classes with varying interest rates and average lives. The weighted average coupon on the notes is approximately 5.52%. Initial credit enhancement includes a 1.00% cash deposit and 4.40% overcollateralization. The deal utilizes a pre-funding structure, with CPS selling $298.42 million of receivables at inception and planning to sell an additional $137.58 million in October 2024.
Consumer Portfolio Services (CPSS) ha concluso la sua quarta cartolarizzazione del 2024, per un totale di $416,82 milioni in note garantite da attivi, supportate da $436,00 milioni in crediti automobilistici. Questo segna la 53esima cartolarizzazione senior subordinata dell'azienda dal 2011 e la 36esima consecutiva a ricevere un rating triplo 'A' da almeno due agenzie di rating sulla classe senior delle note.
La transazione, CPS Auto Receivables Trust 2024-D, consiste in cinque classi di note con tassi di interesse e durate medie variabili. Il coupon medio ponderato sulle note è circa 5,52%. La protezione iniziale del credito include un deposito in contante dell'1,00% e un'overcollateralizzazione del 4,40%. L'accordo utilizza una struttura di pre-finanziamento, con CPSS che vende $298,42 milioni di crediti all'inizio e pianifica di vendere ulteriori $137,58 milioni nell'ottobre 2024.
Consumer Portfolio Services (CPSS) ha cerrado su cuarta titulización del 2024, totalizando $416.82 millones en notas respaldadas por activos garantizadas por $436.00 millones en cuentas por cobrar de automóviles. Esto marca la 53ª titulización subordinada senior de la compañía desde 2011 y la 36ª consecutiva en recibir una calificación triple 'A' de al menos dos agencias de calificación para la clase senior de notas.
La transacción, CPS Auto Receivables Trust 2024-D, consiste en cinco clases de notas con diferentes tasas de interés y vidas promedio. El cupón promedio ponderado de las notas es aproximadamente 5.52%. La mejora crediticia inicial incluye un depósito en efectivo del 1.00% y una sobrecolateralización del 4.40%. El acuerdo utiliza una estructura de prefinanciamiento, con CPSS vendiendo $298.42 millones de cuentas por cobrar en el inicio y planeando vender un adicional de $137.58 millones en octubre de 2024.
소비자 포트폴리오 서비스(Consumer Portfolio Services, CPSS)는 2024년 네 번째 기간 자산유동화 거래를 완료하였으며, 총액은 $416.82 백만으로 자동차 채권에 의해 담보된 $436.00 백만의 자산담보부 채권을 발행하였습니다. 이는 2011년 이후 회사의 53번째 선순위 후순위 자산유동화 거래이며, 36번째로 두 개 이상의 신용평가 기관에서 선순위 채권에 대해 트리플 'A' 등급을 받은 거래입니다.
이번 거래인 CPS 자동차 채권 신탁 2024-D는 다양한 이자율과 평균 수명이 있는 다섯 개의 노트 클래스로 구성되어 있습니다. 노트의 가중 평균 쿠폰은 대략 5.52%입니다. 초기 신용 보강에는 1.00%의 현금 예치금과 4.40%의 과도담보가 포함되어 있습니다. 이 거래는 사전 자금을 이용하는 구조로, CPSS는 시작 시 $298.42 백만의 채권을 판매하고, 2024년 10월에 추가로 $137.58 백만을 판매할 계획입니다.
Consumer Portfolio Services (CPSS) a clôturé sa quatrième titrisation de l'année 2024, totalisant 416,82 millions de dollars en billets adossés à des actifs garantis par 436,00 millions de dollars en créances automobiles. Cela marque la 53e titrisation senior subordonnée de l'entreprise depuis 2011 et la 36e consécutive à recevoir une note triple 'A' d'au moins deux agences de notation pour la classe senior des billets.
La transaction, CPS Auto Receivables Trust 2024-D, se compose de cinq classes de billets avec des taux d'intérêt et des durées moyennes variés. Le coupon moyen pondéré sur les billets est d'environ 5,52%. L'amélioration initiale du crédit comprend un dépôt en espèces de 1,00 % et une surcollatéralisation de 4,40 %. L'accord utilise une structure de préfinancement, CPS vendant 298,42 millions de dollars de créances au départ et prévoyant de vendre un montant supplémentaire de 137,58 millions de dollars en octobre 2024.
Consumer Portfolio Services (CPSS) hat seine vierte Terminverbriefung des Jahres 2024 abgeschlossen, die insgesamt 416,82 Millionen US-Dollar an aktienbesicherten Anleihen umfasst, die durch 436,00 Millionen US-Dollar an Automobilforderungen gesichert sind. Dies markiert die 53. nachgelagerte Verbriefung des Unternehmens seit 2011 und die 36. in Folge, die von mindestens zwei Rating-Agenturen für die Seniorklasse der Anleihen eine Triple-A-Bewertung erhalten hat.
Die Transaktion, CPS Auto Receivables Trust 2024-D, besteht aus fünf Anleiheklassen mit unterschiedlichen Zinssätzen und Laufzeiten. Der gewichtete durchschnittliche Kupon der Anleihen beträgt ungefähr 5,52%. Die anfängliche Kreditverbesserung umfasst eine Barzahlung von 1,00% und eine Überbesicherung von 4,40%. Der Deal verwendet eine Pre-Funding-Struktur, wobei CPSS zu Beginn Forderungen im Wert von 298,42 Millionen US-Dollar verkauft und plant, im Oktober 2024 weitere 137,58 Millionen US-Dollar zu verkaufen.
- Successful closing of fourth term securitization in 2024, totaling $416.82 million
- 36th consecutive securitization to receive triple 'A' rating on senior class notes
- Pre-funding structure allows for additional $137.58 million in receivables to be sold in October 2024
- Initial credit enhancement with 1.00% cash deposit and 4.40% overcollateralization
- None.
Insights
This securitization deal is positive for CPS, demonstrating continued access to capital markets and investor confidence. The
While the securitization is generally positive, there are some risk factors to consider. The use of a pre-funding structure, with
LAS VEGAS, Sept. 17, 2024 (GLOBE NEWSWIRE) -- Consumer Portfolio Services, Inc. (Nasdaq: CPSS) (“CPS” or the “Company”) announced the closing of its fourth term securitization in 2024 on Tuesday, September 17, 2024. The transaction is CPS's 53rd senior subordinate securitization since the beginning of 2011 and the 36th consecutive securitization to receive a triple “A” rating from at least two rating agencies on the senior class of notes.
In the transaction, qualified institutional buyers purchased
| Note Class | Amount (in millions) | Interest Rate | Average Life (years) | Price | S&P’s Rating | DBRS Rating | |
| A | 0.71 | AAA | AAA | ||||
| B | 1.75 | AA | AA | ||||
| C | 2.43 | A | A | ||||
| D | 3.29 | BBB | BBB | ||||
| E | 4.13 | NR | BB | ||||
The weighted average coupon on the notes is approximately
The 2024-D transaction has initial credit enhancement consisting of a cash deposit equal to
The transaction utilizes a pre-funding structure, in which CPS sold approximately
The transaction was a private offering of securities, not registered under the Securities Act of 1933, or any state securities law. All such securities having been sold, this announcement of their sale appears as a matter of record only.
About Consumer Portfolio Services, Inc.
Consumer Portfolio Services, Inc. is an independent specialty finance company that provides indirect automobile financing to individuals with past credit problems or limited credit histories. We purchase retail installment sales contracts primarily from franchised automobile dealerships secured by late model used vehicles and, to a lesser extent, new vehicles. We fund these contract purchases on a long-term basis primarily through the securitization markets and service the contracts over their lives.
Investor Relations Contact
Danny Bharwani, Chief Financial Officer
949-753-6811
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