Consumer ABS

This week there are two auto deals from Toyota and Enterprise as well as two equipment offerings from CNH and GE Capital.

Citibank securitization analysts said in a report today that the global slowdown, Europe's debt crisis and the deteriorating U.S. economy have bolstered the ABS market's resolve to remain short and high quality.

Wells Fargo and Royal Bank of Scotland are planning to sell a CMBS called Wells Fargo Commercial Mortgage Trust 2012-LC5, according to an SEC filing yesterday.

S&P analysts expect the sector's volume will most likely meet their $10 billion full-year forecast, eclipsing 2011's $9.7 billion issuance volume.

The firm's relative value outlook is still unchanged from earlier in 2012, even given the tighter spreads and as the consumer ABS market still functions as a safe haven for many buyers.

BMW Financial Services launched a $783 million securitization from is dealer floorplan master owner trust.

Post crisis dealer floorplan ABS transaction have higher credit enhancement requirements than deals done before 2009, according to Sept. 9 Barclays Capital report.

Stranded assets, dealer floorplan, rental car, franchise, aircraft and container ABS should be treated as corporate credit risk to avoid the hefty risk capital based charged to off-the-run Consumer ABS deals, said a Citibank report today.