Consumer Portfolio Services, Inc. (CPS) announced the closing of its second term securitisation in 2019. The transaction is CPS's 32nd senior subordinate securitisation since the beginning of 2011 and the 15th consecutive securitisation to receive a triple "A" rating from at least two rating agencies on the senior class of notes.
In the transaction, qualified institutional buyers purchased US$228.3m of asset-backed notes secured by US$230m in automobile receivables originated by CPS. The sold notes, issued by CPS Auto Receivables Trust 2019-B, consist of six classes. Ratings of the notes were provided by Standard & Poor's and Kroll Bond Rating Agency, and were based on the structure of the transaction, the historical performance of similar receivables and CPS's experience as a servicer.
