May Indices Results
KBRA’s European auto ABS indices showed a deterioration in annualised loss performance in May. Annualised losses in our EUR47 billion auto loan ABS index increased 8 basis points (bps) month-over-month (MoM) and 3 bps year-over-year (YoY) to 0.55%, while losses in our EUR33 billion auto lease ABS index climbed to 0.47%, up 4 bps MoM and 24 bps YoY. Although loss rates moved higher, they remained within historical bounds and were consistent with seasonal trends. Meanwhile, auto loan and lease delinquency rate credit performance was more varied, with early-stage (30-59 days) delinquencies falling MoM and YoY across both indices, while late-stage (60+ days) delinquency rate performance was mixed. Current index values as well as MoM and YoY changes are shown in Figure 1.
The data shown in this report and other indices metrics can be found here.