UNITED STATES

摘要

Prestige financial services sold its latest securitisation of auto loans to borrowers with poor credit at hefty yields on Wednesday -just as delinquencies in the subprime market reach near-two-decade highs. Its biggest 0.94-year US$123m Triple A class cleared at 93bp over EDSF, or the midpoint of talk at 90bp-95bp, and at interpolated swaps plus 650bp on the riskier 3.89-year US$11.76m Double B tranche, two buyside sources told IFR. That put its BB out 25bp-50bp from talk to yield of 7.8%. A more uncertain market backdrop and weak collateral, however, means the issuer will likely pay almost double the 340bp spread on a similar Double B tranche sold a year ago - Prestige's last foray in the asset-backed securities market.