CPS closes $716.88 million auto receivables asset-backed notes deal
CPSS•CPS closes its largest auto receivables securitization to date
CPS closed a $716.88 million senior subordinate asset-backed securitization, its largest to date, backed by $734.51 million of auto receivables.
Notes were issued by CPS Auto Receivables Trust 2026-C; the weighted average coupon was about 5.9%.
The senior Class A notes were rated AAA by S&P and DBRS Morningstar. The deal marked the 43rd straight triple-A on the senior class.
Initial credit enhancement included a 1% cash deposit and 2.4% overcollateralization.
