Hyundai Capital ABS deal the first to include floating rate indexed to SOFR

The $1.5 billion deal is backed by prime auto loans

Hyundai 2017 Santa Fe

Hyundai Capital America’s (HCA) third auto loan asset-backed securities (ABS) deal is the first S&P Global-rated public auto loan ABS to include a floating rate indexed to the Federal Reserves’ Secured Overnight Funds Rate (SOFR), a frontrunner for replacing the Libor benchmark when the latter begins to phase out in 2022. The $1.5 billion transaction’s […]

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