Honda, Porsche Price ABS Deals | Auto Finance News | Auto Finance News

Honda, Porsche Price ABS Deals

American Honda Finance Corp. issued $1 billion in securities in its second securitization of the year. The deal brings Honda’s year-to-date issuance to $2.5 billion, and props up industrywide ABS volume to $19 billion. Bank of America Merrill Lynch, Citigroup, and Morgan Stanley are underwriters for the deal. The transaction is backed by 57,000 contracts on Hondas (86%) and Acuras (14%). The weighted average APR of the pool is 2.2%. Porsche Financial Services, meanwhile, priced a $488.3 million securitization, underwritten by Barclays. The deal is backed by 11,000 prime contracts. In its presale report, Standard & Poor’s calls the deal’s weighted average Fico score of 781 “one of the highest compared to peerpools.”

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