Ally Bank is marketing a $680mln auto dealer floorplan securitization from its master trust.
The deal, Ally Master Owner Trust, Series 2012-5, is backed by a revolving pool of dealer floorplan (DFP) receivables originated from credit lines made by Ally Bank to retail automotive dealers franchised by General Motors Company (GM), Chrysler Group LLC, and other original equipment manufacturers (OEMs).
Fitch Ratings will rate the deal and has assigned the $500mln, class A notes, a preliminary rating of 'AAA'. The initial credit enhancement (CE) for the class A notes is 27.50% (26.50% subordination and 1.00% reserve account, both of initial note balance), according to the Fitch presale report released Oct.4.
The ratings agency will also rate the class B, C and D notes 'AA', 'A' and 'BBB' respectively. Credit Suisse, Barclays and Deutsche Bank are underwriting the deal.
Also marketing this week is a $527.3 mln auto deal for Porsche from its PILOT series. The Series 2012-1 deal will be backed by payments on a pool of closed-end vehicle leases on new and used Porsche brand vehicles manufactured by Dr. Ing. h.c.F.
Porsche Aktiengesellschaft. All the leases were originated through Porsche Financial Services, Inc. (PFS), which will act as servicer, and purchased by Porsche Leasing Ltd., a titling trust, directly from various franchised vehicle dealers.
Fitch will rate the deal and has assigned a preliminary 'AAA' rating to the class A-2. A-3 and A-4 tranches. The weighted average FICO score of borrowers is 792, which the rating agency said in its presale report, indicates a very strong lessee.
The ratings agency also highlighted in its presale that the series 2012-1 pool will include a "notable concentration" in the Panamera, Porsche's four dour luxury car that was first introduced to the market in 2011. As such there is no available residual realization data due to its recent introduction. Fitch said it assumed this vehicle performed in a manner consistent with similar luxury vehicles.