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PenFed Credit Union Closes $354 Million Auto Loan Securitization

02.07.2026 20:021,1080

With the finalization of its fourth prime auto loan securitization, PenFed Credit Union has secured $354 million in asset-backed notes. The transaction, completed on June 22, marks a continued push by the Tysons-based institution to diversify its funding streams and bolster liquidity through private placement offerings.

The offering, designated as PenFed Auto Receivables Owner Trust 2026-A, consists of five senior and three subordinate tranches of fixed-rate notes. Rated by S&P and Fitch, the deal was restricted to qualified institutional buyers under Rule 144A. President and CEO James Schenck stated the move is designed to strengthen the credit union's net worth while providing a stable, diversified capital base.

CFO Sarah Heintzman signaled that the credit union intends to remain a programmatic issuer in the securitization market. J.P. Morgan Securities LLC served as the structuring lead for the deal, supported by joint lead Goldman Sachs & Co. LLC and co-manager CIBC World Markets Corp. PenFed, which manages $29 billion in assets, continues to utilize these financial instruments to support its lending operations for nearly 2.8 million members.

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