Private placement ABS transactions have come to market in the last week backed by a range of collateral that includes auto and timeshare receivables.
Capital Automotive brought its CARS transaction, which is backed by leases on auto dealerships, auto stores and automobile auction properties.
The 144A deal comprised two classes, including a single-A rated $432 million tranche, which priced to a yield of 5.8% and a $31 million triple-B class, which was retained, according to a Societe Generale report.
On Friday, Silverleaf Resorts began marketing a 144A timeshare transaction. The issue consisted of two 2.85-year tranches totaling $141 million, split into a single-A piece and triple-B rated piece. This is the company's second offering for the year following a $151 million transaction in June.
JPMorgan Securities also announced a non-agency mortgage deal and was marketing the issue as a "seasoned" mortgage deal. The $102 million, 144A transaction is offering two tranches, including a 6.4-year, single-A class and a 12.8-year unrated class. The deal is still marketing.
LEAF Financial Corp. completed its fourth small ticket office equipment deal. The $202 million privately placed issue consisted of six classes of bonds rated down to single-B. However, given its private execution, it is not clear which classes were ultimately offered. LEAF has completed four securitizations year-to-date totaling $600 million.