Consumer ABS

The Massachusetts Education Financing Authority (MEFA, or the authority) is offering $304.72 million of its Education Loan Revenue Issue K bonds. The fixed-rate Series 2013 is the first issuance under the Issue K indenture, a master trust.

California Republic Bank staged a return to the securitization market with its $238 million California Republic Auto Receivables Trust 2013-1.

Sallie Mae plans to issue SLM Private Education Loan Trust 2013-3, its third student loan-backed securitization of the year, totaling $1.246 billion.

Ford Motor Credit Co. plans to issue $1.38 billion of notes over two series issued from its floorplan master owner trust, according to Fitch Ratings.

GE Money Bank Switzerland is planning a CHF200 million ($213M) issue backed by Swiss auto lease receivables, the second Swiss Auto ABS of 2013.

.Three subprime auto loan backed deals from General Motors, DriveTime Automotive and First Investors join the pipeline this week

Springleaf Financial is looking to top up its debut consumer loans asset-backed securitization issued in February with a $400 million deal.

Consumer Portfolio Services is working on its second subprime auto securitization of the year; 31% of the $185 million transaction will be pre-funded.

PHH Corp. priced an upsized $700 million auto lease securitization called PHH Chesapeake Funding LLC 2013-1 today. The deal was originally sized at $450 million.

Consumer ABS issuance is becoming more of a credit product than a liquidity product, as consumer fundamentals weaken and issuers find less need to access securitization in an environment of substantial liquidity, according a Wells Fargo securitization report.