Dechert Advises J.P. Morgan on PenFed’s US$460.3 Million Automotive ABS Sale
September 01, 2022
Dechert LLP advised J.P. Morgan Securities LLC as structuring lead on Pentagon Federal Credit Union (PenFed)’s sale of US$460.3 million in securities backed by prime auto loans.
This is PenFed’s first automotive asset-backed securities sale and the third among credit unions.
Dechert had also been involved in the previous two credit union securitizations representing Stifel Financial Corp. in its prime auto loan securitizations from GTE Financial Credit Union in 2019 and Unify Financial Credit Union in 2021.
J.P. Morgan Securities LLC (f/k/a J.P. Morgan Securities Inc.) is a New York-based investment management company operating as a subsidiary of JPMorgan Chase & Co.
PenFed is America's second-largest federal credit union, serving over 2.8 million members worldwide with US$36.6 billion in assets.
The Dechert team advising J.P. Morgan included global finance partner Andrew Pontano, counsel Joshua Strathman, associates Meghan Redding and Sarah Sidwell and tax partner William Cejudo.
About Dechert
Dechert is a leading global law firm with 22 offices around the world. The firm advises on matters and transactions of the greatest complexity, bringing energy, creativity and efficient management of legal issues to deliver commercial and practical advice for clients.
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