The ABS market is seeing some deals market on the consumer ABS side, specifically in student loans and autos.
Sallie Mae is in the market with SLM Student Loan Trust 2012-4, a $1.5 billion student loan ABS backed by 100% FFELP consolidation student loans, according to a Moody's Investors Service presale report.
The lead underwriters on the transaction are Barclays Capital, Bank of America Merrill Lynch, and JPMorgan Securities.
Moody's assigned a provisional rating of 'Aaa (sf)' to the $1.5 billion Class A notes and the $44.8 million 'A2 (sf)' Class B notes.
The rating agency has also assigned preliminary ratings to Nissan Motor Co.'s dealer floorpan ABS worth $750 million under its Nissan Master Owner Trust Receivables.
The Series 2012-A worth $500 million and 2012-B worth $250 million were both assigned 'Aaa (sf)' ratings by Moody's. The notes are backed mostly by dealer floorplan loans originated by Nissan Motor Acceptance Corp.
Meanwhile, Standard & Poor's said on Friday that it has assigned preliminary ratings to Hana Small Business Lending Loan Trust 2012-1's $26.559 million floating-rate Class A notes. The securitization is backed by an amortizing pool of unguaranteed Small Business Administration (SBA) Section 7(a) small business loans, the rating agency said.
Over in Canada, Ford Credit Canada is in the market with Ford Auto Securitization Trust 2012-R1. The roughly $540 million deal is backed by a pool of new and used automobile, light-truck, and utility vehicle retail loans bought by Ford Credit Canada from dealers and serviced by the company.
The 2012-R1 pool has a weighted average FICO score of 732, according to a presale report from Fitch Ratings. This is the first Ford Credit Canada auto ABS that Fitch has rated.
