Consumer ABS

Standard & Poor’s today projected that securitizations of credit card receivables in the U.S. should hit $40 billion in issuance in 2013.

A couple of ABS deals have joined the pipeline this week.Santander, for its part, has a $791 million auto deal coming down the pike.

Although the securitization market is still struggling to regain its post-crisis footing, there are glimpses of hope. In this month's cover story, for instance, Nora Colomer explores a potential source of new deal flow.

One of the few positive outcomes of the financial crisis has been the strong performance of consumer ABS, which has become the gift that keeps on giving to investors

A highlight in the month was Barclays Bank's first SEC-registered credit card platform called Dryrock Issuance Trust.

Santander Consumer Bank's Bilkreditt 3, a Norwegian Auto ABS, this week became the first deal to be tagged with the prime collateralized securities stamp of approval.

The deal, called Series 2012-2 is the second deal for DRI Capital this year, according to Moody’s Investors Service. The ratings agency rated both the earlier March deal and the issuer’s latest deal.

Nelnet is marketing a $1.01 billion student loan securitization deal called Nelnet Student Loan Trust 2012-6.

The European Central Bank this week said it will delay the go live date of its European DataWarehouse, pushing the implementation timeline for RMBS to Jan. 3, 2013 from Dec. 1, 2012.