The finance arm of Fountain Valley-based Hyundai Motor America has closed a $600 million securitization of more than 45,000 U.S. automobile loans.
JPMorgan Chase & Co. underwrote the transaction with Bank of America Securities, Societe Generale, and Barclays Capital acting as co-managers.
Hyundai Motor Finance Co. said it broke the offering into various classes to meet investor demand. The class A bonds received an AAA rating by Standard & Poors, and Aaa by Moody’s Investor Services. They carried a coupon of 3.53% to 4.47%. The subordinate classes were sold at coupons ranging from 5.23% to 6.25%.
Hyundai Finance provides auto loans to Hyundai buyers and also offers lease financing and wholesale floorplan lines to Hyundai dealers.
