Santander Halts $942 Million Subprime Auto ABS Sale Amid Turmoil
- Deepening trouble at Credit Suisse Is Cutting ABS Sales Volume
- Market difficulty started with failure of Silicon Valley Bank
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Santander Consumer USA on Wednesday delayed the sale of $942 million of bonds backed by subprime auto loans as the deepening Credit Suisse Group AG crisis added to turmoil in debt markets, according to people with knowledge of the matter.
The $942 million sale, led by Citigroup Inc., was part of a $1.3 billion asset backed securities deal, where subprime auto lender Santander Consumer was retaining some of the securities. The underwriters told investors the deal would be postponed “given market volatility” and the issuer would revisit the trade later on, said the people who declined to be identified as the transaction is private.