Three new ABS transactions are being marketed this week by General Electric Capital Corp. (GECC), Cabela’s, and Santander. Aside from the usual auto transaction, the equipment and credit card sectors are represented in this week’s deal mix as well.
GECC is issuing an equipment ABS worth $691.86 million. The offering called GE Equipment Transportation LLC (GEET) Series 2011-1 will be backed by commercial loans on transportation equipment originated by GECC.
The GEET 2011-1 deal is GECC’s first transportation-only, equipment term ABS from the GEET platform. The proceeds from the transaction will be used for general funding purposes, according to a Fitch Ratings presale report.
Fitch has assigned expected ratings of ‘F1+sf’ to class A-1, ‘AAAsf’ to classes A-2 through A-4, ‘AAsf’ to class B, and ‘Asf’ to class C.
Meanwhile, Cabela’s is marketing a $250 million ABS called Cabela’s Credit Card Master Note Trust Series 2011-II.
The transaction will be originated and serviced by Cabela’s subsidiary, World’s Foremost Bank. According to a DBRS presale report, it will also fund the credit card receivables through four different channels, with the majority originated from the retail instant credit program channel.
The master trust comprises receivables from “co-branded cards” that are both bank-owned and VISA revolving credit card accounts thus offering added utility over private-label cards that can only be used in the related store, the DBRS presale stated.
DBRS gave provisional ratings of ‘AAA (sf)’ to classes A-1 and A-2, ‘A (high)(sf)’ to class B, ‘BBB (sf)’ to class C, and ‘BB (sf)’ to class D.
Cabela’s is a vendor of outdoor merchandise pertaining to hunting, fishing, and camping, ranging from apparel to home furnishings.
Satander Consumer USA (SC USA) is issuing an auto lease transaction worth $775 million.
Santander Drive Auto Receivables Trust 2011-2 (SDART 2011-2) will be the second public senior/subordinated deal of 2011 for this firm, according to the Moody’s Investors Service presale report.
The rating agency assigned expected ratings of ‘(P)P-1 (sf)’ to class A-1, ‘(P)Aaa (sf)’ to classes A-2 and A-3, ‘(P)Aa1 (sf)’ to class B, (P)A1 (sf)’ to class C, ‘(P)Baa2 (sf)’ to class D, and ‘(P)Ba2 (sf)’ to class E.
The deal will be backed by new and used automobiles, light-duty trucks, and vans.
Earlier, Santander filed a preliminary prospectus with the Securities and Exchange Commission. To view the full filing, please click on this link.