Consumer ABS

Lloyds Bank will offer a two-year, $750 million tranche in Penarth 2013-1.

Analysts at Bank of America Merrill Lynch see value in "selectively" buying higher mezzanine tranches of asset-backed deals from issuers in the European peripheral countries. They think going down the capital stack in core country deals is a good idea as well.

The agency raised the B tranche rating to 'AA+' from 'AA' initially and the D tranche to 'BBB+' from 'BBB.' The deal, by First Investors, priced only last week and was upsized to $250m from $206m originally.

Santander Consumer USA is bringing its fifth subprime auto securitization of they year to the public market.

American Express is prepping a new credit card securitization worth $595 million, according to a presale from Fitch Ratings.

“Direct exposure to either J.C. Penney or Sears is typically highest in seasoned deals where there are only a small number of loans remaining, and one is secured by a retail property,

Volkswagen will stage a return to market with its $1 billion retail auto loans deal issued from its auto loan enhanced trust.

The $746.8 million deal is the lender’s sixth securitization of Federal Family Education Loan Program (FFELP) non-consolidation loans so far this year.

Banks have been slow to make credit cards available again to subprime borrowers; that's starting to change.