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Consumer Portfolio Services closes first asset-backed securitization of '17

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Consumer Portfolio Services closes first asset-backed securitization of '17

Consumer Portfolio Services Inc. has closed its first asset-backed securitization of the year.

The transaction was a private offering and qualified institutional buyers bought $206.3 million of notes secured by $210.0 million in automobile receivables purchased by the company.

The notes, which have a weighted-average coupon of about 3.91%, were issued by CPS Auto Receivables Trust 2017-A.

The largest tranche of notes sold, about $99.1 million, was rated AAA by KBRA and DBRS.

The transaction uses a pre-funding structure in which the company sold about $131.5 million of receivables Jan. 18, and plans to sell about $78.5 million of additional receivables in February.