AUTO1 Group Launches Third Consumer Car Loan ABS, FinanceHero 3

AUTO1 Group SE has announced the successful pricing of its third consumer car loan asset-backed securities (ABS), named FinanceHero 3. The transaction involves EUR 236.3 million of ABS notes, supported by German and Austrian consumer car loans. This marks the company's third public securitisation.

For the first time, a six-tranche structure was introduced, achieving a 2.8 times oversubscription with a blended spread of 104.9 points over the 1-month Euribor. The senior tranche notes expect ratings of up to 'AAA', verified under the "Simple, transparent and standardised" framework.

FinanceHero 3 signifies a structural advancement for AUTO1, emphasizing its growth in the European ABS market. Additionally, AUTO1 transitions to vertical risk retention, holding a 5% stake across all tranches to enhance capital efficiency.