Prime auto asset-backed securities spreads tightened at the start of 2026 compared with a year prior while subprime spreads stabilized following volatility in the second half of 2025. Spreads on prime AAA-rated three-year auto notes narrowed five basis points (bps) as of Jan. 1 to 45 bps over Treasuries compared with Jan. 2, 2025, according to the most recent JPMorgan Securities data. Comparatively, prime AAA-rated three-year spreads have tightened from Jan. 4, 2024, when they came in at 70 bps over Treasuries. While spreads fluctuated monthly in 2024, they narrowed through the beginning of June when they reached the then-lowest point of 62 bps […]
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