Auto-backed securitizations continue to drive issuance volumes in the consumer ABS space. Several deals were announced on Monday to kick off the week's activity.
Nissan Motor Acceptance Corp. (NMAC) is in the market with a $1.0 billion auto ABS offering.
The capital structure of the deal, Nissan Auto Receivables 2011-B Owner Trust, will offer investors four classes of notes. The A2, A3 and A4 notes have been assigned a provisional rating of 'Aaa' by Moody's Investors Service.
Moody's said the ratings are based on the collateral, credit enhancement, legal structure and the experience of NMAC as servicer. Credit enhancement consists of overcollateralization, reserve account, yield supplement overcollateralization and available excess spread.
Also marketing this week is a new $661.46 million deal from Porsche. The deal, Porsche Innovative Lease Owner Trust (PILOT) 2011-1, offers investors four tranches of notes. The A2, A3 and A4 tranches have been issued preliminary ratings of 'AAA' by Fitch Ratings.
The notes are backed by payments on a pool of closed-end vehicle leases on new Porsche brand vehicles manufactured by Porsche.
All the leases were originated through Porsche Financial Services (PFS) and purchased by the titling trust called Porsche Leasing directly from various franchised vehicle dealers. PFS will act as servicer on the offering.
Fitch has also issued preliminary ratings to the new $1.10 billion securitization issued by Mercedes-Benz (MB). The deal, Mercedes Benz Auto Lease Trust (MBALT) 2011-B, will also offer four tranches of notes that are expected to be rated at 'AAA'.
The notes are backed by payments on a pool of closed-end vehicle leases on new MB brand vehicles and a small percentage (0.03%) of new Smart brand vehicles manufactured by Daimler.
All the leases were originated through Mercedes-Benz Financial Services USA (MBFS) and purchased by the MBFS-created titling trust directly from its vehicle dealers. MBFS is an indirect, wholly owned subsidiary of Daimler, which will also be the servicer on the deal.
Ally Bank is in the market with its $1.08 billion Ally Auto Receivables Trust (AART) series 2011-5 deal.
The transaction will issue three Fitch-rated 'AAA' tranches and a 'AA' tranche. The deal is backed by new and used automobile and light-truck loans originated and acquired by Ally directly from dealers pursuant to agreements with General Motors Co. and Chrysler Group dealers as well as affiliated and non-affiliated GM dealers.
Other deals in the market include one from Enterprise Fleet Management (EFM), which will be selling a $398 million transaction from its Enterprise Fleet Financing Trust.
The series 2011-3 fixed-rate ABS notes are backed by a static pool of fixed-rate leases and related vehicles, according to a Moody's presale report.
EFM, also the sevicer for this offering, offers fleet leasing and management services mainly to
small and medium-sized businesses throughout the the country.
Meanwhile, Bloomberg reported that a $500 auto offering from Macquarie Bank and a $286 million triple net lease securitization are also marketing this week.
In the student loan space, Sallie Mae is selling three classes of senior notes worth $985 million. This is divided into $440 million floating-rate Class A-1 notes, $195 million floating-rate Class A-2A notes and $350 million fixed-rate Class A-2B notes.
For the full ASR story on the SLABS offering, please click
