Consumer Portfolio Services closed its largest securitization ever, a $716.88 million senior subordinate asset-backed transaction. Qualified institutional buyers purchased the notes, which are secured by $734.51 million in automobile receivables originated by CPS. The deal, CPS Auto Receivables Trust 2026-C, is the company's 60th senior subordinate securitization since 2011 and the 43rd consecutive to earn a triple-A rating on the senior class from at least two rating agencies. The five-class offering received ratings from Standard & Poor's and DBRS Morningstar, with the $317.30 million Class A notes priced at 99.99748% and carrying a 4.52% interest rate. The weighted average coupon on the notes is approximately 5.90%, and initial credit enhancement includes a 1.00% cash deposit and 2.40% overcollateralization.
Consumer Portfolio Services IncCPS closed its largest-ever securitization at $716.88 million, with strong ratings and pricing, indicating successful capital market access.