相比之下，现代汽车17.2亿美元优质汽车贷款资产支持证券(ABS)交易的顶部部分周二的票面利率为4.75%，而通用汽车(GM.US) 12.9亿美元优质汽车贷款交易的票面利率为4.74%。特斯拉今年3月进行的7.5亿美元交易的最高票面利率为5.53%。Tesla started the early marketing phase of this bond issuance last week, led by Industrial Bank of France. By the end of Wednesday's trading, the highest-rated securitization portion had a face rate of 4.827%.
According to the Securities Times app, Tesla (TSLA.US) sold over $0.783 billion worth of bonds backed by high-quality borrowers' car lease contracts as collateral, making it the company's second asset-backed securities transaction this year.
Tesla started the early marketing phase of this bond issuance last week, led by Industrial Bank of France. By the end of trading on Wednesday, the highest-rated securitization portion had a coupon rate of 4.827%.
In contrast, Hyundai's top portion of $1.72 billion high-quality car loan asset-backed securities (ABS) transaction had a face rate of 4.75% on Tuesday, while General Motors' (GM.US) $1.29 billion high-quality car loan transaction had a face rate of 4.74%. Tesla's highest face rate for the $0.75 billion transaction in March this year was 5.53%.
ABS sales are the latest in a series of asset-backed transactions in the auto industry, as issuers are eager to complete deals before the U.S. election causes a credit market disruption. As of October, auto manufacturers have raised $13.6 billion through securitization, hoping to sell loans or leases to institutional investors.
Tesla's bonds are going public before CEO Musk's long-awaited robot rental launch on Thursday, as the company grapples with slowing sales of electric cars.
While Tesla set a record-breaking level of nearly $4 billion in ABS issuances last year, the pace for 2024 has slowed down, with the total transactions to date just exceeding $1.5 billion. Since launching its securitization program in 2018, this electric car company has entered the market at least 10 times, but not as frequently as many competitors. Ford Motor (F.US) and General Motors issued over $13 billion in asset-backed bonds each this year.
Buyers of this type of debt face the risk of losses because the resale value of autos will decrease significantly after a sharp drop. The decrease in vehicle residual value will force lessors to charge customers higher fees, thereby reducing the attractiveness of leasing.
Tesla's autos face their own unique challenges, as the value of used electric autos is impacted by the decrease in pricing of new electric autos. According to iSeeCars' research, Tesla has reduced the price of the Model 3 by 25%, the largest decrease among electric autos so far this year. The proportion of leasing in Tesla's sales has also been declining, and analysts believe this trend is related to soft resale prices.
In a presale report, Fitch Ratings stated: "Tesla's price cuts, primarily affecting the Model S and X, along with the soft value of electric autos, may lead to lower RV realization." Fitch Ratings assigned the highest portion a rating of F1+sf, indicating a high likelihood of repayment. Structural protections and Fitch's conservative loss assumptions mitigate the extent of the impact.
According to trade documents, Tesla's latest trade comes from its active leasing platform, consisting of over 0.026 million lease contracts, with a borrower's FICO weighted average credit score of 764.
The issuance volume of the ABS market is soaring. So far, in 2024, over $292 billion in trades have entered the market, surpassing last year's total. Based on historical data, the next milestone is $313 billion in 2021.
