Ally to Issue Auto Lease ABS

Ally Bank has filed with the Securities and Exchange Commission (SEC) a preliminary prospectus to issue under Ally Auto Receivables Trust 2012-SN1 a $759.4 million ABS.

According to the SEC filing, the pool is backed by new automobile and light duty truck leases and the related leased vehicles.

Barclays Capital, Citigroup Global Markets and JPMorgan Securities are the underwriters on the offering, the filing said.

ASR also reported yesterday that GM Financial, formerly known as AmeriCredit, is in the market with an auto transaction that has priced this afternoon.

Lead managers in the transaction are Deutsche Bank Securities, Royal Bank of Scotland, and Wells Fargo Securities.

Co-managers are Citigroup Global Markets, Credit Suisse, Morgan Stanley, and RBC Capital Markets.

The company will use net proceeds from its ABS deals for long-term financing of its receivables.

Meanwhile, in Canada, Moody's Investors Service and Fitch Ratings have issued a preliminary ratings on Canadian Imperial Bank of Commerce's (CIBC) transaction called CARDS II Trust Series 2012-4 that carries a U.S.-dollar demoninated tranche. 

This deal is an example of the trend that Barclays Capital highlighted in an Aug. 24 report. U.K. and Canadian credit card issuers have been offering U.S. dollar tranches to broaden their investor bases, Barclays analysts had pointed out.

The deal comprises a floating-rate Class A rated 'Aaa (sf)' by Moody's and 'AAAsf' by Fitch and a Class B rated 'Baa1 (sf)' and 'BBBsf.'  

According to a Fitch presale report, the offering's Class A notes will be privately offered while the Class B notes will be purchased privately in Canada and retained by CIBC and/or any of its affiliates.