Consumer ABS

GE Capital Corp., through its unit CEF Equipment Holding, has filed an S-3 with the Securities and Exchange Commission (SEC) to issue ABS. To access the full SEC filing, please click here.

Auto ABS performance diverged during 1Q12, Moody's Investors Service said in its latest quarterly auto loan, auto lease and auto floorplan sector updates.

Trafigura Securitization Finance's (TSF) series 2012-1 is in the market. The offering is backed by a pool of trade receivables originated by Trafigura Beheer B.V., Trafigura Pte. (Singapore), and Trafigura AG, according to Standard & Poor's.

While still a shadow of its former self, the bond insurance industry is showing signs of revival amid a pickup in issuance of deals backed by riskier assets.

Fitch Ratings caused a stir last month when Credit Suisse dropped the firm's rating of an RMBS because it took a more critical view of the deal than two of its rivals.

Two and a half years ago, regulators opened the door for rating agencies to offer ratings or commentary on credits even when they haven't been hired to do so. Since then, all NRSROs can access detailed transaction data that issuers are required to post on designated issuer Web sites. The intended effect: a side market in unsolicited ratings and commentary. The actual effect: not a single unsolicited rating and roughly 15 commentaries.

The increasing vehicle sales and used car prices as well as the tight spreads are aiding the growth in subprime auto ABS, according to Standard & Poor's analysts in a e-mailed note released this morning.

In the last four weeks, subprime auto and FFELP SLABS have tightened five basis points to 10 basis points, which is the most of any asset class in that period, Wells Fargo analysts said in a report released this afternoon.

The House approved a student loan bill Friday on a partisan basis that immediately invoked a veto threat by the White House.

A new €402.4 million ($532 million) Finnish auto loan securitization is marketing this week from SCF Rahoituspalvelut Limited.