Auto1: Some extra colour on the ABS issuance this week

研报英文原文证据摘录

Auto1: Some extra colour on the ABS issuance this week

Equity Research

EMEA Internet

9 July 2026

Auto1

Some extra colour on the ABS

issuance this week

We often get asked about the consumer receivables element AG1G.DE/AG1 GY OVERWEIGHT

of the Auto1 story; below we show some highlights from the EMEA Internet POSITIVE

ABS issuance this week to give more context to equity Price Target EUR 38.00

Price (08-Jul-26) EUR 24.30

investors. We are OW the stock. Potential Upside/Downside +56.4%

Source: Bloomberg, Barclays Research

In our conversations about Auto1 with investors, we often get asked about the consumer

receivable book and more details as to what lies within. So, with the third of the public ABS EMEA Internet

issuance of consumer receivables happening this week (FinanceHero 3), we reviewed the Andrew Ross, CFA

prospectus and below try to offer some insights. +44 (0)20 7773 3023

andrew.ross@barclays.com

Our take-aways. Barclays, UK

Guillaume Galland, CFA

1) The structure is slightly different to prior issuances. In the ABS issuances in 2025 +44 (0)20 7773 4061

(FinanceHero 2) and 2024 (FinanceHero1), Auto1 contributed c5% of the equity and took on the guillaume.galland@barclays.com

most junior exposure as part of its risk retention (below five more senior tranches in 2025 and Barclays, UK

below four more senior tranches in 2024). In this case, there are six tranches but Auto1 has an

Olivia Venancio

equal risk exposure to each of the six tranches. We assume that Auto1 is initially providing 5% of +44 (0)20 3555 0278

the capital but, as per the language at the CME, there could be a process to then refinance this olivia.venancio@barclays.com

piece to net to take the net funding down to low-single-digit % and therefore slightly lower the Barclays, UK