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Friday 8 February 2019 10:16 London/ 05.16 New York/ 18.16 Tokyo

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Credit enhancement concerns raised

Last year saw more single-B rated auto ABS paper issued in the US than in all previous years combined. Indeed, demand remains strong for junior notes, despite growing concerns over auto lending practices to less creditworthy borrowers.

Joseph Cioffi, partner and chair of the insolvency, creditors’ rights and financial products practice group at Davis & Gilbert, suggests that investors may be over-relying on credit enhancements.