Capital Markets | Auto Finance News - Part 2

OneMain Financial’s stock outperforms Ally, Santander in 3Q

Investors eyeing auto finance stocks are turning to OneMain Finacial (OMF), which had the highest share performance during the third quarter, outpacing Ally Financial and Santander Consumer USA (SCUSA), according to a research report released this week by JPMorgan.   OneMain Financial’s third quarter share performance reached 15.2%, compared with Ally Financial at 7.6%, and Santander […]

Canadian ABS market remains strong despite consumer bankruptcies

Receivables underlying asset-backed securitizations in Canada continue to perform “extremely well” despite a 6% year-over-year increase in consumer bankruptcy filings, according to a recent DBRS report. In fact, a first quarter Consumer Credit Report by DBRS showed cumulative credit losses in auto loan securitizations remained low at 0.09% for the 2018 vintage. Through July, the Canadian securitization […]

Nonprime lender Oportun goes public

Oportun Financial raised $94 million in its initial public offering and sold 6.25 million shares at $15 per share, the company announced. It debuted on the Nasdaq Capital Market on Sept. 26 under the ticker “OPRT.” Barclays, JP Morgan and Jefferies acted as joint lead bookrunning managers for the offering. At press time, Oportun’s stock […]

Asbury Automotive amends $1.5b credit facility

Asbury Automotive has “amended and reinstated” its five-year, $1.45 billion syndicated senior credit facility, the company announced on Wednesday. The syndicated facility will offer a $1.04 billion new-vehicle revolving floorplan facility, a $250 million revolving credit facility, and a $160 million used-vehicle floorplan facility. American Honda Finance Corp., BMW Financial Services, Mercedes-Benz Financial Services, Nissan […]

TFS to add second revolving securitization

MIAMI — Toyota Financial Services is gearing up to issue a second revolving retail asset-backed securitization, Director of Secured Funding Adam Stam told Auto Finance News. The revolving program, which debuted this year, should reach $2.5 billion in outstanding prime auto loans by 2020, he added. TFS issued the first transaction in its inaugural Toyota […]

American Honda Finance leads captives with lowest debt-to-equity ratio

American Honda Finance Corp.’s short-term debt rating was reaffirmed with a stable outlook by Fitch Ratings, thanks to a low corporate leverage ratio and credit losses, which are the lowest among its captive finance peers, Michael Taiano, Fitch senior director of the Financial Institutions Group, told Auto Finance News. “Honda Finance has the lowest debt […]

Westlake Financial’s ABS volume to top $3b by yearend 

MIAMI — Westlake Financial Services is on track to issue $3.4 billion in asset-backed securitizations by the end of the fourth quarter, a 13.3% increase year over year, company Treasury Director Franka Bicolli told Auto Finance News.  “Usually we issue the third securitization in August,” Bicolli said. “This year we have increases with different warehouse […]
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