Consumer ABS

How long until looser underwriting affects the performance of auto securitizations?

Ratings agencies have received a number of proposals for private-label residential mortgage backed securities (RMBS) and they apparently do not like what they see.

Even though issuance of credit card asset-backed securities so far this year is running ahead of the first two months of 2012, outstanding volumes of deals keeps retreating.

Cabela’s Incorporated plans to sell $255 million private label credit card ABS deal via its Credit Card Master Note Trust, Series 2013-I.

Stafford Butts has joined Wells Fargo Securities as a managing director focused on structured products origination and execution for the European, Middle East, and Africa region.

Sallie Mae plans to issue the first private student loans backed ABS via its $1.1 billion SLM Private Education Loan Trust 2013-A (SLM 2013-A).

Hyundai is in the market with a $905.406 million auto lease securitization, its third to date, according to Standard & Poor’s.

Volkswagen upsized its retail auto loan ABS by $250mn to $1.25bn and priced the deal Thursday afternoon to strong investor demand.

Falling used car prices should not be a concern for auto lease ABS investors, since it is not likely to affect the rate at which leases are prepaid, according to Moody’s Investors Service.