Consumer ABS

Standard & Poor’s has assigned a preliminary ‘A’ rating to a €1.5 billion four-year revolving securitization of auto, motorcycle and trailer loans originated by Santander Consumer Bank AG.

Toyota and Nissan are marketing a combined $2.5 billion of bonds backed by retail auto loans.

AmeriCredit’s third subprime auto loan securitization for the year displays the company’s recent shift toward more new car originations with lengthier terms.

Wheels Inc., one of the nation’s oldest and largest vehicle fleet lessors, is back in the securitization market after a year’s absence with a pool of corporate lease contracts.

Barclays’ 13th U.S. credit card securitization, and the first for 2016, has taken a shift toward older vintage accounts in its new $609.8 million pool of receivables. Fitch, S&P have issued preliminary ratings to the Class A notes in the capital stack.

As expected, Navient is preparing another $1.0 billion securitization of federally guaranteed loans that were once delinquent but are now making timely payments.

Online lender Social Finance is planning a second consumer-loan securitization in just over a month with a $480 million notes offering backed by $575 million in prime, high-earner unsecured personal loans.

The unusually strong loan performance in the credit card business lasted longer than many observers expected. But today the industry's prolonged post-crisis era finally appears to be over.

One of the nation's biggest banks and the so-called "everything store" have joined forces to extend loan discounts to students.