Core Insights - AUTO1 Group successfully priced its second issuance of rated ABS notes, FinanceHero 2, with a total portfolio of EUR 249 million of German and Austrian consumer car loans [2][5] - The transaction features "AAA" rated senior notes and achieved a blended spread of 87bps across the Class A-E notes, with over 3.6 times oversubscription [3][5] - The issuance reflects AUTO1 Group's commitment to innovation in the public ABS market for car loans and aims to enhance refinancing efficiency [4] Transaction Details - The FinanceHero 2 transaction includes five classes of notes with the following preliminary ratings and sizes: - Class A: AAA/AAA, Size: €176.7 million, Coupon: 1mE + 0.64% - Class B: AA/AA-, Size: €20.0 million, Coupon: 1mE + 0.85% - Class C: A(high)/A, Size: €15.0 million, Coupon: 1mE + 1.30% - Class D: A(low)/BBB, Size: €12.5 million, Coupon: 1mE + 1.75% - Class E: BBB(low)/BBB-, Size: €12.5 million, Coupon: 1mE + 2.70% - Class F (Retained by AUTO1): NR/NR, Size: €12.5 million, Coupon: 4.50% [3] Company Overview - Founded in 2012, AUTO1 Group is Europe's leading digital automotive platform for buying, selling, and financing used cars, operating across three brands: wirkaufendeinauto.de, Autohero, and AUTO1.com [5][6] - The company generated revenue of EUR 6.3 billion and sold 690,000 cars in 2024, employing 6,300 people by the end of that year [6] - AUTO1 Group went public on the Frankfurt Stock Exchange in February 2021 and is part of the MDAX index [6]