Consumer ABS

Insurance companies have focused on higher yielding paper, within benchmark ABS asset classes in their 2013 new issue investments, according to a JP Morgan report.

Many banks in the auto lending business have been making investments that they hope will give them a more enduring edge; to the extent that bank are less likely to securitize these loans, this could impact securitization volume.

While credit card issuance ran ahead of maturing deals in August, this trend is unlikely to hold for the rest of the year, said Wells Fargo analysts.

Cabela's priced $350 million of credit card ABS, upsized from $291 million.

Ally Financial priced an upsized, $1 billion of subprime auto loan backed securities

Fifth Third Bank priced its upsized $1.25 billion auto loan securitization yesterday afternoon.

Santander Consumer USA plans to place its $800 million 2013-A auto loan securitization via the Rule 144A market.

The post-recession revival of subprime auto lending has spurred concern in some quarters about excessive risk, but researchers at the Federal Reserve Bank of New York are not among those worried.

CNH Capital America is marketing its third equipment lease securitization of the year, the $755.5 million CNH Equipment Trust 2013-C.