Volkswagen is in the market with a €7.5 million German auto ABS deal that will be publicly placed.
The transaction, called VCL Multi-Compartment SA Comp VCL 13, will be co-managed by BNP Paribas and Skandinaviska Enskilda Banken AB.
The capital structure will include €690 million of triple-A rated Class A notes and a second class B tranche that offers investors €24.7 million single-A-plus-rated notes.
The deal is expected to close this month.
Foreclosure filings were reported on 42,430 properties in the United States last month, down 8% from the month prior but up 18% from a year ago.
S&P sets an estimated cumulative net loss of 2.85% for the CRVNA 2026-P2 notes, unchanged from the CRVNA 2026-P1, because the collateral characteristics were unchanged.
House lawmakers modified a ban on big-money investors from purchasing single-family homes, broadening the exemptions for build-to-rent properties and eliminating requirements in a Senate version of the bill that affected investors divest their holdings.
On an end-to-end basis, the joint initiative delivers collateral without relying heavily on manual transfers as loans are settled, then transferred between institutions.
Notes will amortize sequentially to allow cash to be released to the issuing entity on a limited basis if it maintains the overcollateralization target.
Consumer Credit Portfolio II is not a securitization, but Groundfloor is known for two deferred-pay residential transition loan ABS that are paying investors higher premiums than rated RTLs.
