By Mary-Katherine Stinson
Lexington, Ky., June 21 – Hyundai Capital Auto Funding XIV Ltd. priced $300 million of class A2 floating-rate notes due Nov. 20, 2029 (Fitch: AAAsf) at par, according to a prospectus.
The Regulation S notes will bear interest at SOFR plus 84.5 basis points.
Principal of the class A2 notes will be paid on each note payment date during the controlled amortization period in scheduled amortization amounts.
The notes are non-callable.
DBS Bank Ltd. acted as lead manager for offering.
The notes are secured by a $300 million class A2 floating-rate bond issued to Hyundai Capital by Autopia Seventy-Sixth Asset Securitization Specialty Co., a Korean limited liability company (yuhanhoesa) incorporated under the Act Concerning Asset Backed Securitization of Korea and the Korean Commercial Code. The bond is indirectly backed by a pool of auto loan receivables originated by Hyundai Capital Services, Inc.
Proceeds will be used by Hyundai Capital to purchase the class A2 bond on the closing date which will be converted into Korean won under the class A2 swap agreement and used to purchase the class A2 beneficial interest from the trustee. Net proceeds from the entrustment of the auto loan receivables to the trustee will be used to repay existing debt and for general corporate purposes.
In addition to the issuance of the class A2 notes, Hyundai Capital announced it will also issue $300 million of class A1 floating-rate green notes due 2029 on the closing date. The class A1 notes are not being offered under this prospectus.
Hyundai Capital is a financial services company registered in the Cayman Islands to issue asset-backed securities.
| Issuer: | Hyundai Capital Auto Funding XIV Ltd.
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| Amount: | $300 million
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| Issue: | Floating-rate notes, class A2
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| Maturity: | Nov. 20, 2029
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| Bookrunner: | DBS Bank Ltd.
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| Trustee: | Citicorp International Ltd.
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| Counsel to issuer: | Walkers (Hong Kong) (Cayman Islands law)
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| Counsel to bookrunner: | Tiang & Partners (English law), LAB Partners (Korean law) and Shin & Kim (Korean law)
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| Coupon: | SOFR plus 84.5 bps
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| Price: | Par
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| Call features: | Non-callable
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| Issue date: | June 15
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| Listing date: | June 16
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| Ratings: | Fitch: AAAsf
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| Distribution: | Regulation S
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| ISIN: | XS2637783833
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