CPS Announces Qualified Institutional Buyers Purchased $416.82M Of Asset-Backed Notes Secured By $436M In Automobile Receivables Originated By CPS
Portfolio Pulse from Benzinga Newsdesk
Consumer Portfolio Services, Inc. (NASDAQ:CPSS) completed its fourth term securitization in 2024, selling $416.82 million of asset-backed notes secured by $436 million in automobile receivables. This marks CPS's 53rd securitization since 2011, with the senior class of notes receiving a triple 'A' rating from at least two agencies.
September 17, 2024 | 4:38 pm
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Consumer Portfolio Services, Inc. (CPSS) completed a significant securitization, selling $416.82 million in asset-backed notes. The transaction received high ratings, indicating strong market confidence in CPS's financial products.
The successful securitization and high ratings suggest strong demand and confidence in CPS's financial products, likely boosting investor sentiment and potentially leading to a positive short-term impact on CPSS stock price.
CONFIDENCE 95
IMPORTANCE 80
RELEVANCE 90