TYSONS, Va.– PenFed Credit Union said it has closed on its fourth prime auto loan securitization offering, PenFed Auto Receivables Owner Trust 2026-A (PNFED 2026-A). The transaction closed on June 22 and issued $354 million of fixed-rate, amortizing asset-backed notes backed by prime auto loans.
“PenFed is proud to announce our fourth auto loan securitization,” said PenFed Credit Union President/CEO James Schenck. “This fourth securitization diversifies funding, increases liquidity and strengthens net worth.”
The securitization is a private placement offering, which in the United States is offered only to qualified institutional buyers under Rule 144A. The asset-backed notes were offered in five senior (including the A-IO tranche) and three subordinate tranches of notes and rated by S&P and Fitch.”PenFed is pleased that this auto loan securitization offering was very well received by the market,” said PenFed Credit Union CFO and EVP, Sarah Heintzman. “We plan to remain a programmatic issuer and continue leveraging securitization as a tool to help us serve our members by diversifying liquidity and funding options.”
J.P. Morgan Securities LLC acted as the structuring lead of the transaction and Goldman Sachs & Co LLC, acted as joint lead with CIBC World Markets Corp as the co-manager on the transaction.
