ABS

Most of the pool, 68.6%, is in the repayment phase, while 19.1% of the loans in the pool are in deferment.

Moody's finds that Honda's underlying pool has a strong credit profile, and that tier A loans account for 77.1% for the base principal note amount.

The deal faces a few upfront credit challenges, including the fact that the collateral's credit quality has weakened.

The securitization was also oversubscribed, with participation from more than 25 institutional investors, which will receive a blended fixed rate of 5.71%, the company said.

While the CPSART program, especially the 2022 and 2023 series, was performing worse than its initial or revised expectations, the 2025-C collateral was relatively better.

A tariff-induced economic slowdown could dampen consumer debt payments.

Santander Drive Auto Receivables Trust, 2025-3, can be upsized to $2.1 billion, and the capital structures are the same for both pool sizes.

More than 10,000 prime retail loan contracts on mostly used cars will secure the notes.

The Mission Lane Credit Card Master Trust will raise $550 million in capital from securitized bonds, secured by a pool of Visa-branded credit card accounts that Transportation Alliance Bank and WebBank originated.

Moody's Ratings has assigned AAA to the Class A notes, which account for 87.3% of the transaction.

The transactions represent Hertz's 16th and 17th term ABS transactions from the Hertz Vehicle Financing platform.

BofA Securities, Australia and New Zealand Banking Group and Japan's SMBC Bank International are joint lead managers.

A revolving pool of Walmart-branded Mastercard accounts will support the deal, which presses ahead despite risks tied to U.S. tariff policy.

Although the collateral is described as non-prime, Moody's points to several strong credit characteristics, including an average non-zero FICO score of 697 and an eScore of 768.

One atypical feature, for an auto ABS deal, is that principal on the notes will be reduced in a reverse sequential order based on realized losses.