The Korean consumer finance company, has completed its first ever cross-border securitization and international financing with a $160.1 million deal backed by auto loans. JPMorgan acted as sole lead manager on the transaction, which is also the first international ex-Japan Asia securitization of 2002.
Launched through the Hyundai Capital Auto Funding special purpose vehicle SPV, the deal securitizes a portfolio of over 40,000 loans for new passenger cars and trucks originated by Hyundai. The outstanding principal balance on the pool is approximately $233.4 million, with a weighted average interest rate of 9.93% and weighted average seasoning of 6.44 months.
The structure used on the deal is fairly standard. In terms of the underling...
