Feb 22, 2012
- Marissa Capodanno
Exeter Enters Subprime Auto ABS Arena
Exeter Finance Corporation is tapping the primary asset-backed securities market for the first time with a $200 million issuance backed by subprime auto loan receivables on sales of mostly used cars and light-duty trucks concentrated in Ohio, Illinois and Texas.
The fixed-rate transaction, EART 2012-1, is made up of a $142 million A class, which Standard & Poor’s expects to assign a AA rating, a $23.50 million B class (A), a $17.5 million C class (BBB) and a $17 million D class (BB).....