国际投行报告-全球投资策略-面向股权、企业债务投资者的汽车贷款ABS基础-2022.2.8-21页

# 投行报告 # 投资策略 # 汽车贷款大小：0.68M | 页数：21 | 上架时间：2022-02-16 | 语言：英文

国际投行报告-全球投资策略-面向股权、企业债务投资者的汽车贷款ABS基础-2022.2.8-21页.pdf

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国际投行报告-全球投资策略-面向股权、企业债务投资者的汽车贷款ABS基础-2022.2.8-21页.pdf

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类型: 策略

上传者: YXM-187

撰写机构: J.P.Morgan

出版日期: 2022-02-08

摘要：

 In this report, we provide an overview of auto ABS for the benefit of equity and corporate debt investors in ABS sponsors  We focus on the economics of securitization for the issuer, and provide an overview of ABS collateral, structures, risk retention, credit performance, and pricing/cost of funds  We use Carvana as an example given the significant interest in the company and its relative new ABS program (CRVNA)  CRVNA generally follows the auto sequential-pay template, but Carvana is among the few sponsors who sell down to the lowest tier of the capital structure, the residual (or first loss/equity) tranche

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