AMERICAN HONDA RECEIVABLES LLC 8-K

What Happened
American Honda Receivables LLC (AHR LLC) and American Honda Finance Corporation (AHFC) announced on May 5, 2026 that they entered an underwriting agreement with Barclays, Mizuho, SMBC Nikko and SG for the sale of notes issued by the Honda Auto Receivables 2026-2 Owner Trust. The offering covers notes with an initial principal amount of $2,105,270,000 to be issued on or about the expected Closing Date of May 13, 2026. AHFC will retain at least 5% (by initial principal amount) of each class of the offered notes.

Key Details

• Underwritten Notes (initial coupons/structure): Class A-1 3.828%, Class A-2a 4.11%, Class A-2b SOFR + 0.38%, Class A-3 4.30%, Class A-4 4.33%.
• Underwriting agreement dated May 5, 2026 with Barclays Capital Inc., Mizuho Securities USA LLC, SMBC Nikko Securities America, Inc., and SG Americas Securities, LLC (as representatives).
• On the Closing Date (expected ~May 13, 2026) AHFC will transfer retail installment contracts (new/used Honda and Acura vehicle receivables) to AHR LLC under a Receivables Purchase Agreement; the Issuer (a Delaware statutory trust formed April 6, 2026) will enter related Indenture, Sale & Servicing, Administration, Asset Representations Review and Securities Account Control agreements.
• Forms of the material agreements are filed as exhibits; AHFC’s CEO made the required depositor certification (Exhibit 36.1).

Why It Matters
This 8‑K describes a securitization offering (asset‑backed securities) that will convert about $2.1 billion of Honda/Acura retail auto loans into marketable notes. For investors, the transaction is a funding activity by AHFC/AHR LLC that supports auto loan financing operations; AHFC’s 5% retention in each note class is a regulatory/credit alignment measure that may be viewed as ongoing sponsor exposure. The filing provides the key economic terms, involved underwriters and the legal documents that will govern the trust and the notes.