Santander halts $942 million subprime auto ABS sale amid turmoil – Bloomberg News

(Reuters) – Santander Consumer USA on Wednesday postponed the sale of bonds worth $942 million that are backed by subprime auto loans as the deepening Credit Suisse Group AG crisis added to turmoil in debt markets, Bloomberg News reported on Wednesday.

The $942 million sale, led by Citigroup Inc, was part of a larger asset-backed securities (ABS) deal valued at $1.3 billion, where Santander Consumer was retaining some of the securities, the report said.

The underwriters informed investors that the deal would be postponed due to “market volatility”, and the issuer would consider revisiting the trade at a later time, the report added.

Santander declined to comment when contacted by Reuters.

(Reporting by Akriti Sharma in Bengaluru; Editing by Sandra Maler and Sherry Jacob-Phillips)