Aven closes oversubscribed $304.2M HELOC-backed securities offering, its first, with AAA senior notes

Aven Financial has closed its first asset-backed securities offering, a $304.2 million transaction that was oversubscribed. The AVNHT 2026-HE1 Trust is backed by 6,786 fixed-rate, fixed-term receivables issued under the Aven Home Equity Card, a HELOC credit card secured by first- or second-lien mortgages on residential properties.

The senior Class A-1A and A-1B notes, about $234.5 million in total, were rated AAA by S&P Global Ratings and AAA (sf) by Morningstar DBRS. S&P rated the other classes from AA to B, and Morningstar DBRS rated Class B at AA (high) (sf). It is the first Aven transaction rated by S&P.

Aven, based in Campbell, California, calls itself a machine-banking platform. Co-founder and CEO Sadi Khan said the offering drew investors new to the company. Barclays was structuring lead manager and lead bookrunner and Goldman Sachs co-lead manager; funds affiliated with Davidson Kempner contributed assets and bought the Class G and XS notes.