America’s Car Mart seeks to raise $360.3 million from a pool of subprime auto receivables
The percentage of loans in ACM's top customer score, 6, was 33.24%, a decrease from 35.17%, but deal's WA loan-to-value ratio was 113.83%, up from 112.72%.
Auto ABS
Firm best known for mortgages sells one of largest-ever auto bonds
The sales come as investors are becoming increasingly wary of rising delinquencies and search for higher quality debt, such as prime auto ABS. In just a few months, Bayview has been able to place roughly $8 billion of such debt.
GM Financial gets ready to sell $1 billion in dealer floorplan notes through two trusts
The GFORT 2023-1 series added an extra $250 million class, with notes to be priced over the three-month SOFR. Other elements, such as collateral and credit enhancement, are almost exactly alike.
Exeter Automobile Receivables Trust prepares to market subprime auto ABS
Newer cars account for the highest percentage of the collateral pool over a two-year period, while FICO and proprietary credit scores are also up a few ticks.
Nissan’s latest auto ABS could be upsized to $945.7 million
NALT 2023-B will operate with several forms of credit enhancement, including initial hard credit enhancement of 22.91%, and initial overcollateralization (OC) of 22.51%.
Santander Bank prepares to float $1.1 billion in auto ABS debt
Santander will provide a letter of credit, which is sized to cover up to five months of missed interest payments should the trust default on its interest obligations or fall under FDIC receivership.
Volkswagen Auto Loan Enhanced Trust readies $1.2 billion in auto ABS notes
The deal has a 9.25% discount rate on the yield supplement overcollateralization amount (YSOA), a, liquidity risk mitigation tool, which is significantly higher than the 4.00% from the 2021-1 transaction.
GM Financial Canada is preparing to offer $577.5 million in prime auto ABS notes
The undiscounted residual value composition is 77.54%, higher than prior GCOLT deals, such as the GCOLT 2021-1, which was 70.50%.
Veridian Auto Receivables Trust debuts with $310.5 million auto securitization
The National Credit Union Administration, a government-backed insurer of credit unions classifies Veridian as "well capitalized," which helps mitigate some risks associated with its lack of securitization experience.
Lendbuzz Funding comes to market for the second time this year
The deal is the second one for this year, a different tack for a program that has appeared once annually in the past.
Avis Budget will sell $500 million of ABS from third, fourth transactions of 2023
Two issuances will fund revolving pools of leases from various vehicle companies even as a looming recession may dampen travel demand.
GM Financial will sell $866 million of longer-dated ABS
The coming Fitch-rated deal has higher FICO scores than competitors' pools, but the auto sector faces headwinds.
HAROT returns to ABS market to raise $1.3 billion in auto receivables
HAROT 2023-2 offers notes backed by prime auto receivables, and a slightly higher concentration of credit grade-A obligors, 77.64%, up from 76.45% in HAROT 2023-1.
Enterprise Fleet Financing sets out to raise $850.2 million in ABS
Of the leases securing the deal, 99.15% are open-end, while the remaining 0.85% are closed-end. This creates a potential positive because loss assumptions on the former are lower.
World OMNI prepares to issue $804 million in auto ABS
Prime loans comprise the collateral pool, and the deal has a more diverse loan maturity profile than previous deals.
Santander Consumer prepares a second auto ABS, raising $1.5 billion
SDART 2023-2 will build overcollateralization (OC) as it amortizes, initially 23.75%, which is expected to build to a target OC level of 32.50%.
LADAR returns to raise $476.9 million in auto ABS on prime assets
The transaction benefits from several forms of credit enhancement, including overcollateralization, excess spread and Vervent acting as backup servicer.
Lobel Financial comes to market with inaugural deal to raise $178.7 million in ABS
A vast majority of the collateral, a combined 82.73%, have terms of between 49-60 months (58.46%) and 61-72 months (24.27%), while a slight majority of the pool (51.66%) have no credit scores.
Exeter aims to raise $622.8 million from the securitization market
Losses are increasing in both the managed portfolio and the securitization, the deal, known as EART 2023-2, has a number of forms of credit enhancements built into the structure.
Ford Credit Floorplan sets out to raise $1.1 billion in ABS by mid-May
Monthly payment rates in the pool reached record highs over the last couple of years, reaching 71.5% at the end of Q1 2023, one of several credit positives to the deal.
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