Enterprise’s next fleet lease ABS features more oil & gas exposure
The increase reflects stronger demand from obligors as the performance of this industry improves, rather than a decision by the lessor, according to Fitch Ratings.
Auto ABS
Auto loan/lease ABS pipeline grows by $3.8B
CarMax, BMW, Santander and Credit Acceptance Corp. all launched deals Thursday; they add to the $35 billion in prime auto, $12.31 billion in prime lease, and $19.4 billion in subprime auto loan ABS so far this year.
By
Glen Fest
Volkswagen preps another €1.25B German auto lease ABS
Over 80% of the cars are diesel-engine vehicles, bringing potential volatility to the portfolio cash flows given the public debate over potential panning such cars in several European urban centers.
By
Glen Fest
Treasury recommends relief for CLOs from risk retention
A report released Friday calls risk retention "an imprecise mechanism" for encouraging the alignment of interest between sponsors and investors. It recommends creating loan-specific requirements under which managers would receive relief.
CPS adds term, prefunding risk in $196.3m subprime deal
The proportion of collateral that will be acquired after the CPS Auto Receivables Trust 2017-D closes is 33.3%, or $66 million, from the 29.7% level from the sponsor's prior deal in July.
Socram Banque returns with €486.5M French auto loan ABS
The French specialty lender, owned by a consortium of mutual insurers, is pooling over 54,000 loans it originated and services for clients of its shareholders.
By
Glen Fest
BMO launches debut $529m auto-loan ABS in U.S.
BMO is part of a trend-setting 2017 parade of Canadian auto lenders pooling their loan, lease and dealer floorplan receivables to the U.S. investor market.
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Glen Fest
Nissan funnels $1.25B into auto-lease ABS pipeline
Nissan's second U.S. lease-securitization of 2017 pools more than 71,000 contracts with $1.5 billion outstanding on cars, SUVs and cross-overs. Delinquencies remain low, but residual values are growing volatile.
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Glen Fest
Ford readies $1.26B dealer floorplan securitization
Ford Motor Credit's second master trust issuance funding its dealer inventory financing has pushed floorplan ABS industry-wide past $8.5 billion, the busiest year for the asset class since 2014.
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Glen Fest
GM clips hurricane-region loans from $1B prime auto ABS
GM Financial is following similar actions by American Honda, Santander, Fifth Third and USAA to limit Texas exposure in securitizations, but the captive-finance lender has extended the exclusion to Florida loans as well.
By
Glen Fest
OEM incentives, lengthy seasoning enhance Scotiabank auto ABS
Bank of Nova Scota's third overall deal in its brief auto-loan securitization history will feature $500m in U.S.-dollar denominated bonds.
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Glen Fest
BMW readies 2nd German auto ABS of 2017
The loans have an average balance of €18.5k (US$22.1k) and went to 39,698 borrowers; they are secured by a pool of new (46.8%) and used (53.2%) cars, according to Moody's Investors Service.
Honda launching third prime auto ABS for 2017
Credit enhancement for the senior, triple-A-rated notes is in line with recent Honda transactions, but the pool of collateral is concentrated (12%) in Texas and Florida, making it vulnerable to economic disruption from hurricanes.
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Glen Fest
Mill City’s next RPL RMBS features higher exposure to HELOCs
HELOCs make up approximately 11.51% of the collateral; 22.5% of the HELOC borrowers are currently eligible to make draws up to their credit limit.
Bank of the West’s lengthy loans extend risks in $750M auto ABS
The San Francisco-based bank's first prime auto loan securitization in two years includes a sizable portion of loans (60% of the pool) with terms exceeding six years.
By
Glen Fest
Ford readies first German auto loan/lease ABS of 2017
The €684.8 million transaction is backed primarily by new-car leases to German prime borrowers. It's the 21st German securitization by FCE Bank, Ford's UK-based captive finance arm.
Hertz taps securitization market to finance fleet upgrade
The rental car giant is more dependent than ever on asset-backed financing after being downgraded in May, making high yield bond issuance prohibitively expensive.
By
Glen Fest
USAA returns with $486m prime auto loan ABS
The federal savings institution is pooling more than 33,000 well-seasoned auto loans to its armed services-linked membership base.
By
Glen Fest
Exeter lowers credit enhancement for latest subprime auto ABS
The credit quality of the collateral is lower, by several metrics, than that of Exeter's prior deal; however, S&P Global expects cumulative net losses to be in the same range, from 20.1%-21.1%.
By
Glen Fest
Prime auto lenders add $3.4B to ABS pipeline
Ford Motor Credit, GM Financial and Fifth Third Bancorp are marketing a combined $3.4 billion in prime auto loan and lease asset-backed securities, according to presale reports published Thursday.
By
Glen Fest
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