CPS Announces $442.4 Million Senior Subordinate Asset-Backed Securitization
Consumer Portfolio Services (CPSS) has successfully closed its first term securitization of 2025, marking its 54th senior subordinate securitization since 2011. The transaction involved qualified institutional buyers purchasing $442.4 million of asset-backed notes, secured by $462.5 million in automobile receivables.
The notes, issued by CPS Auto Receivables Trust 2025-A, are divided into five classes with ratings from Standard & Poor's and DBRS Morningstar. The weighted average coupon on the notes is approximately 5.88%. The transaction includes initial credit enhancement with a 1.00% cash deposit of the original receivable pool balance and 4.35% overcollateralization.
This marks CPSS's 37th consecutive securitization to receive a triple 'A' rating from at least two rating agencies on the senior class of notes.
Consumer Portfolio Services (CPSS) ha chiuso con successo la sua prima cartolarizzazione a termine del 2025, segnando la sua 54ª cartolarizzazione senior subordinata dal 2011. La transazione ha coinvolto acquirenti istituzionali qualificati che hanno acquistato 442,4 milioni di dollari di note garantite da attivi, assicurate da 462,5 milioni di dollari in crediti automobilistici.
Le note, emesse da CPS Auto Receivables Trust 2025-A, sono suddivise in cinque classi con valutazioni da parte di Standard & Poor's e DBRS Morningstar. Il rendimento medio ponderato sulle note è di circa 5,88%. La transazione include un miglioramento del credito iniziale con un deposito in contante dell'1,00% dell'importo totale originario del portafoglio crediti e un sovra-collateralizzazione del 4,35%.
Questo segna la 37ª cartolarizzazione consecutiva di CPSS a ricevere un rating triplo 'A' da almeno due agenzie di rating sulla classe senior delle note.
Consumer Portfolio Services (CPSS) ha cerrado con éxito su primera titularización a plazo de 2025, marcando su 54ª titularización subordinada sénior desde 2011. La transacción involucró a compradores institucionales calificados que adquirieron 442,4 millones de dólares en notas respaldadas por activos, garantizadas por 462,5 millones de dólares en cuentas por cobrar de automóviles.
Las notas, emitidas por CPS Auto Receivables Trust 2025-A, están divididas en cinco clases con calificaciones de Standard & Poor's y DBRS Morningstar. El cupón ponderado promedio de las notas es de aproximadamente 5,88%. La transacción incluye un refuerzo de crédito inicial con un depósito en efectivo del 1,00% del saldo original del grupo de cuentas por cobrar y un sobrecolateral del 4,35%.
Esto marca la 37ª titularización consecutiva de CPSS en recibir una calificación triple 'A' de al menos dos agencias de calificación en la clase sénior de notas.
소비자 포트폴리오 서비스 (CPSS)는 2025년에 대한 첫 번째 기한 담보부 증권을 성공적으로 완료했으며, 이는 2011년 이후 54번째 선순위 보조 담보 증권입니다. 이 거래에는 자격을 갖춘 기관 투자자들이 4억 4천 240만 달러 규모의 자산 담보 노트를 구매하는 것이 포함되었으며, 이는 4억 6천 250만 달러의 자동차 채권으로 담보되었습니다.
노트는 CPS 자동차 채권 트러스트 2025-A에 의해 발행되었으며, 스탠다드 앤드 푸어스와 DBRS 모닝스타에서 평가된 다섯 가지 등급으로 나뉩니다. 노트의 가중 평균 쿠폰은 약 5.88%입니다. 이 거래에는 원래 받을 채권 풀 잔액의 1.00%에 해당하는 현금 보증금과 4.35%의 초과 담보가 포함됩니다.
이는 CPSS가 선순위 노트 클래스에 대해 두 개 이상의 신용 평가 기관으로부터 트리플 'A' 등급을 받은 37번째 연속 담보화입니다.
Consumer Portfolio Services (CPSS) a réussi à finaliser sa première titrisation de terme pour 2025, marquant sa 54ème titrisation senior subordonnée depuis 2011. La transaction a impliqué des acheteurs institutionnels qualifiés achetant 442,4 millions de dollars de titres adossés à des actifs, garantis par 462,5 millions de dollars de créances automobiles.
Les titres, émis par CPS Auto Receivables Trust 2025-A, sont divisés en cinq classes avec des notations de Standard & Poor's et DBRS Morningstar. Le coupon moyen pondéré sur les titres est d'environ 5,88%. La transaction inclut une amélioration du crédit initial avec un dépôt en espèces de 1,00% du solde de la pool de créances d'origine et une surcollatéralisation de 4,35%.
Ceci marque la 37ème titrisation consécutive de CPSS à recevoir une note triple 'A' de la part d'au moins deux agences de notation pour la classe senior des titres.
Consumer Portfolio Services (CPSS) hat erfolgreich seine erste Terminschuldverschreibung für 2025 abgeschlossen und damit seine 54. nachrangige Senior-Verbriefung seit 2011 markiert. Die Transaktion umfasste qualifizierte institutionelle Käufer, die 442,4 Millionen US-Dollar an aktiengesicherten Anleihen erworben haben, die durch 462,5 Millionen US-Dollar an Automobilforderungen gesichert sind.
Die von CPS Auto Receivables Trust 2025-A emittierten Anleihen sind in fünf Klassen unterteilt und erhalten Bewertungen von Standard & Poor's und DBRS Morningstar. Der gewichtete durchschnittliche Kupon der Anleihen beträgt etwa 5,88%. Die Transaktion umfasst eine anfängliche Kreditaufstockung mit einer Bargeldsicherheit von 1,00% des ursprünglichen Forderungsportfolios sowie eine Überbesicherung von 4,35%.
Dies markiert die 37. Verbriefung in Folge, die von mindestens zwei Ratingagenturen für die Senior-Klasse der Anleihen mit einer Triple-A-Bewertung ausgezeichnet wurde.
- Successful completion of $442.4M securitization backed by $462.5M in auto receivables
- 37th consecutive triple 'A' rating from multiple rating agencies on senior notes
- Strong credit enhancement structure with 4.35% overcollateralization
- None.
Insights
CPS's latest
The transaction's credit enhancement features are particularly robust, including a
For investors, this marks CPS's 54th senior subordinate securitization since 2011 and their 37th consecutive deal achieving triple-A ratings, demonstrating consistent execution capability and strong market acceptance. The
The timing and pricing of this deal are particularly strategic, as it allows CPS to lock in funding costs for their loan portfolio while market conditions remain favorable. This transaction should provide sufficient liquidity for near-term origination growth while maintaining a conservative leverage profile.
LAS VEGAS, Nevada, Jan. 22, 2025 (GLOBE NEWSWIRE) -- Consumer Portfolio Services, Inc. (Nasdaq: CPSS) (“CPS” or the “Company”) announced the closing of its first term securitization in 2025 on Wednesday January 22, 2025. The transaction is CPS's 54th senior subordinate securitization since the beginning of 2011 and the 37th 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 | 0.68 | AAA | AAA | ||||
| B | 1.75 | AA | AA | ||||
| C | 2.44 | A | A | ||||
| D | 3.30 | BBB | BBB | ||||
| E | 4.06 | NR | BB | ||||
The weighted average coupon on the notes is approximately
The 2025-A transaction has initial credit enhancement consisting of a cash deposit equal to
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
FAQ
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