Finance

Credipar, a subsidiary of Banque PSA Finance, plans to issue the first investor-placed French auto ABS of the year, the €470 million AUTO ABS FCT Compartiment 2013-2.

Citibank plans to issue a follow up to its early May issue according to a deal prospectus filed with US Securities and Exchange Commission yesterday.

Ally Financial agreed to pay $2.1 billion to unsecured creditors of its bankrupt mortgage unit, Residential Capital, including securitization trusts.

FeatherStone Investment Group is working on its first securitization of rental income; the deal should be completed in the next 90 to 120 days.

Ohio’s FirstEnergy Corp. subsidiaries, the Cleveland Electric Illuminating Company, Ohio Edison and Toledo Edison - are planning a $505 million utility securitization.

A large portfolio sale by a European bank is set to test market appetite for non-agency residental mortgage-backed securities (RMBS).

The Federal Housing Finance Agency should require the government-sponsored enterprises to purchase loans with deeper levels of credit enhancement in exchange for bona fide reductions in guarantee fees, the Mortgage Bankers Association said.

Santander UK is readying an £1.35 billion-equivalent securitization of residential mortgage loans, according to Standard & Poor’s; it includes a dollar tranche.

DBRS said that the automated underwriting used by non-bank specialty finance companies has led to a pick-up in small, unsecured business lending. These lenders are now considering ABS issuance.

The new issue auto ABS pipeline this week includes a new deal from Toyoto Motor Credit Corporation.

BlackRock Financial Management has re-priced two classes of a $366 million collateralized loan obligation, according to Standard & Poor’s.

The latest generation of European CLOs may expose investors to a risk that didn’t exist in most pre-crisis deals: fluctuations in foreign exchange rates.

The percentage of securitized timeshare loans with late payments declined again in the first quarter, according to Fitch Ratings.

Travellers completed a $300 million issue of three-year catastrophe bonds with a 4% coupon; the notes are rated 'BB' by Standard & Poor's.

Loan extensions create risks for investors in older European collateralized loan obligations.

World Omni Financial Corp. plans to issue a $903.8 million from its World Omni Auto Receivables Trust program.

Law firm Mayer Brown hired Lawrence Berkovich, a former counsel at Dechert, as a partner in the firm's banking and finance practice.

Goldman Sachs, Citigroup and Jefferies priced the $1.1 billion CMBS deal called GS Mortgage Securities Trust 2013-GCJ12.

CNH Capital America plans to issue its second equipment lease ABS deal of this year, the $725 million CNH Equipment Trust 2013-B.

Blackstone/GSO Debt Funds is marketing a €403.55 million collateralized loan obligation, the region's third since the financial crisis.