Chariot Funding, Falcon Asset Securitization Co. and Jupiter Securitization Co. have together funded a $3.024 billion auto ABS. JPMorgan Chase Bank serves as the administrative agent for all three conduits, which are partially supported, multiseller ABCP programs.
JPMorgan also provides the liquidity facility for each conduit that is sized at 102% of the conduits' commitment.
The amortizing auto loan securitization is for a non-investment-grade-rated automotive financial services firm.
According to a Moody’s Investors Service report, the conduits will hold ‘Aaa (sf)’ class A notes and ‘Aa2 (sf)’ for class B notes.
The deal-specific credit support is made up of non-declining overcollateralization, subordination, 0.50% cash reserve, and a required minimum excess spread, the rating agency said.
Moody’s stated that Chariot, Falcon, and Jupiter have $5.8 billion, $6.9 billion, and $7.8 billion in outstanding ABCP respectively.