Monitor the monthly trustee reports for the Series 2026-5 notes to track collateral performance and any enhancement draws. The securitization is a routine refinancing of the fleet funding structure and does not signal a change in Avis Budget's credit outlook.
Price Chart
Executive Summary
Avis Budget Group's special-purpose vehicle, ABRCF, issued a new $685.75M Series 2026-5 of rental car asset-backed notes across five tranches (Class A through Class R) with coupons ranging from 5.69% to 9.598%. The proceeds will be deposited into the collection account as principal collections to fund vehicle loans. Concurrently, ABRCF entered into Supplemental Indenture No. 6, amending the base indenture to update definitions and provisions, including conforming changes through September 21, 2026. This is a routine securitization refinancing that does not change the credit profile of the parent company.
Key Facts
- ABRCF issued Series 2026-5 Notes totaling $685.75M: Class A $474.5M at 5.69%, Class B $61.75M at 5.95%, Class C $47.125M at 6.44%, Class D $66.625M at 8.14%, Class R $35.75M at 9.598%.
- The Series 2026-5 Notes are a non-segregated series secured by the existing collateral pool under the base indenture.
- Proceeds from the sale of the notes will be deposited into the collection account and treated as Principal Collections.
- Supplemental Indenture No. 6 amends the base indenture to update definitions and provisions, conformed through September 21, 2026.
- The notes have a revolving period through August 2031, followed by a controlled amortization period with expected final distribution in March 2032 and final maturity in March 2033.
Financial Impact
New $685.75M asset-backed securitization issuance; no material change to Avis Budget's consolidated leverage or liquidity.
Risk Factors
- If vehicle residual values decline more than expected, enhancement amounts may be drawn, increasing costs.
- A downgrade of any letter of credit provider could trigger a draw and cash collateralization, reducing liquidity.
Investment Themes
Documents Analyzed
This report is based on 2 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000950142-26-002582 |
| Document: eh260832444_ex1001.htm | 0000950142-26-002582 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 6, 2026 21d ago | 8-K | $110.22 | awaiting T+20 | — | $102.21 (−7.27%) |
Sep 24, 2026 4w ago | 8-K | $108.29 $101.34 | ▼ −6.42% | ▼ −4.94% | $102.21 (−5.61%) |
Aug 9, 2026 11w ago | Institutional Cluster | $138.61 $133.84 | ▲ +3.44% | ▲ +2.53% | $102.21 (+26.26%) |
Jul 13, 2026 15w ago | Press Release | $159.78 | awaiting T+20 | — | $102.21 (−36.03%) |
Jun 22, 2026 18w ago | 8-K | $190.46 $159.52 | ▼ −16.24% | ▼ −17.40% | $102.21 (−46.34%) |
May 29, 2026 21w ago | 8-K | $169.36 $147.83 | ▼ −12.71% | ▼ −11.41% | $102.21 (−39.65%) |
Apr 23, 2026 26w ago | Insider Cluster | $229.14 $152.80 | ▼ −33.32% | ▼ −37.95% | $102.21 (−55.39%) |
Apr 22, 2026 26w ago | Press Release | $229.14 | awaiting T+20 | — | $102.21 (−55.39%) |
Mar 27, 2026 30w ago | 424B5 | $135.56 $182.01 | ▼ −34.27% | ▼ −21.67% | $102.21 (+24.60%) |
Mar 27, 2026 30w ago | S-3ASR | $135.56 $182.01 | ▲ +34.27% | ▲ +21.67% | $102.21 (−24.60%) |
US Market Status
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