Santander retail auto lease ABS motors to market with $1.4 billion
The current deal is the eighth retail auto lease securitization from the registered lease securitization platform, which was established in 2013.
Auto ABS
Toyota Auto Receiveables Trust floats $1.2 billion through Green Bond program
Citigroup Global Markets is lead underwriter on the fourth issuance through Toyota’s ABS Green Bond program. The deal references two potential pools to be securitized.
GCAR prepares another subprime auto securitization
A pool of subprime auto loans, new and used, and approved with a heavily automated, technology driven and multi-step process underpin a $559 million deal.
Carvana marketing bonds in second subprime auto ABS deal of 2021
Carvana Auto Receivables Trust 2021-N2 is the used-car retailer's ninth securitization since 2019, and the third to include a pool exclusively made of non-prime loans.
By
Glen Fest
COVID-19 factors are a lingering risk for Veros subprime auto deal
This week, Moody’s Investors Service projected elevated credit-loss expectations for a new subprime auto-loan securitization from Veros Credit, even though the new deal has several improved credit metrics compared to the company’s prior ABS offering in March 2020.
By
Glen Fest
Santander launches potentially its largest-ever subprime auto ABS deal
If the lender's trust opts to upsize its second bond offering of 2021, the $2 billion-plus transaction would be Santander's biggest in the post-crisis era.
By
Glen Fest
Weekly Wrap: CAC launches next subprime auto ABS deal amid major news flurry
Deals, trends and research in structured finance and asset-backed securities for the week of April 30-May 6
By
Glen Fest
Weekly Wrap: Lawmakers clash over OCC rule validating loan sales to nonbanks
Deals, trends and research in structured finance and asset-backed securities for the week of April 23-29
Extension rates for auto loans in Reg AB II deals continue declining
But the rate for those loan-payment deferrals remains elevated over pre-pandemic levels.
By
Glen Fest
Subprime auto lender Crédito Real debuts new securitization platform
Crédito Real targets borrowers with little or no credit history as well as bad credit, who are undocumented or were recently discharged from federal bankruptcies.
By
Glen Fest
Weekly Wrap: KBRA places aviation ABS notes under downgrade watch
Deals, trends and research in structured finance and asset-backed securities for the week of April 9-16
By
Glen Fest
Byrider leads a parade of April subprime auto ABS deals
Also launching deals last week were Santander Consumer USA and DriveTime Automotive Group, according to ratings agency presale reports.
By
Glen Fest
CarMax ponders another upsizing in next billion-dollar auto-loan ABS
The $1.15 billion CarMax Auto Owner Trust 2021-2 could potentially be upsized to $1.56 billion, according to presale reports from Fitch Ratings and S&P Global Ratings. CarMax upsized its first deal of the year that priced in January.
By
Glen Fest
Weekly Wrap: Libor transition goes on even with SOFR term rate uncertain
Deals, trends and research in structured finance and asset-backed securities for the week of March 19-25
Tesla launches largest-ever lease ABS on heels of first profitable year
The $1.18 billion deal is also the first to include Tesla’s mid-range Model Y vehicle (with an MSRP of $54, 119) that makes up 36% of the securitized value of the TALT 2021-A pool, according to a presale report from Moody’s Investors Service.
By
Glen Fest
Carvana launches non-prime ABS in second securitization for March
Carvana will use proceeds to pay down existing debt and to fund general corporate purposes.
By
Glen Fest
Santander bulks up long-term auto-lease concentration in $1.25B deal
Almost 54% of the leases issued through Santander Consumer's Chrysler Capital unit are for terms beyond 36 months, the highest-ever share of extended-term contracts.
By
Glen Fest
Carvana launches second prime auto ABS offering
Four months after debuting its prime-only shelf, the e-commerce used-vehicle retailer returns with a follow-up offering from borrowers with a pooled FICO average of 707.
By
Glen Fest
Lower net losses projected in Westlake’s new pool despite rising risks
DBRS Morningstar and S&P Global Ratings each have lower projected net losses for the $1.1 billion Westlake Automobile Receivables Trust 2021-1 transaction, in comparison to the subprime auto lender’s prior $1.4 billion securitization that priced in October 2020.
By
Glen Fest
BMW, Toyota add billion-dollar deals to prime auto ABS pipeline
BMW Financial Services is seeking to price a $1.45 billion bond package backed by closed-end, retail auto lease contracts. Toyota Motor Credit is making a $1.5B or $2.25B offering through its extended note platform.
By
Glen Fest
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