A subprime auto deal from Consumer Portfolio Services priced March 12, according to a source close to the transaction. The entire transaction was for $185 million. An A class for a total $142 million priced at 95 basis points over the eurodollar synthetic forward. The tranche was split-rated, scoring an ‘A1 (sf)’ from Moody’s Investors Service and a ‘AA- (sf)’ from Standard and Poor’s.
A B piece, for $16.7 million, priced at 150 basis points over the interpolated swaps curve. That class was rated ‘A2 (sf)’/‘A (sf)’. A C tranche, for $11.1 million, priced at 230 basis points over the interpolated swaps curve. Its rating was ‘Baa2 (sf)’/‘BBB (sf).’