Ally Bank plans to issue $500 million of securities backed by receivables collected from lines of credit it makes to dealerships.
The so-called auto floorplan financing allows dealers to finance their inventory, repaying the line as the vehicles are sold.
Under Ally’s AMOT 2015-3, two series of class A notes, due May 2018 and rated Aaa’ by Moody’s Investors Service are on offer.
Credit Agricole, BofA Merrill Lynch and RBC Capital Markets are the lead managers.
The House Financial Services Committee also sent to the full House two bipartisan bills, including one that would prevent large banks from opting out of having to recognize Accumulated Other Comprehensive Income in regulatory capital.
The portfolio does not have any meaningful originations that have completed a full repayment cycle, making the company's performance data thin.
Formerly of Wells Fargo, she will coordinate several key units to create a structure for a sustained capital markets program that capitalizes on recent innovation and growth in home equity finance.
The Structured Finance Association questions whether funding closed-end seconds is an appropriate role for the government-sponsored enterprise, while newer lenders welcome the liquidity support.
The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
The bank is a top auto lender, with a managed portfolio of $7.1 million through December 2023, and has a strong servicing track record.
