As promised, non-prime auto lender AmeriCredit Corp. has brought an auto loan ABS backed by a wrap from guarantor XL Capital, albeit three months after initially thought (see ASR 2/24/03). The $600 million fixed- and floating-rate 2003-B-X transaction, led jointly by Credit Suisse First Boston and Deutsche Bank Securities has seen guidance released and is on track to price this week. AmeriCredit last tapped the market April 24, with an MBIA-wrapped 2003-A-M deal via Barclays Capital and Deutsche Bank.
Price guidance for the most recent offering is even a touch inside the levels where AMCAR 2003-A-M, priced back in April, but traders said that 2003-B-X offered spreads are in line with the previous trade, which tightened in the secondary market. After much speculation earlier this year, this will be the third liquidity injection AmeriCredit has lined up this year, for a total of $2.6 billion. Aside from the MBIA-wrapped 2003-A-M deal, AmeriCredit closed a $1 billion whole loan facility via Deutsche Bank in March (see ASR 3/24/03).