Auto companies are lining up their multiple asset-backed offerings this week. Equipment ABS issuers are also joining the mix of automobile securitizations.

On the auto side, Nissan Motor Co., Consumer Portfolio Services, Mercedes-Benz, Avis and Santander Consumer USA are in the market with their respective transactions.

Meanwhile, CNH Capital America and General Electric Capital Corp. (GECC) are also both marketing their equipment-backed transactions.

Nissan is in the market with a deal worth around $1.1 billion from its Nissan Auto Lease Trust 2012-A.

For the Securities and Exchange Commission filing associated with the offering, please click here.

Bank of America Merrill Lynch, Royal Bank of Scotland (RBS) and Societe Generale are leading the offering.

The ABS will be backed by closed-end vehicle leases, related Nissan and Infiniti leased vehicles and related assets.

CPS is also poised to sell its CPS Auto Receivables Trust 2012-A transaction worth $155 million, which is the company's first transaction in 2012, according to Moody's Investors Service.

The rating agency has assigned preliminary ratings of 'A2 (sf)' to the Class A notes; 'Baa3 (sf)' to the Class B; 'Ba3(sf)' to the Class C; and 'B3 (sf)' to the Class D.

The rating agency stated that the ratings are based on the quality of the underlying auto loans and their expected performance, the strength of the structure, the availability of excess spread over the deal's life, CPS' experience and expertise as as servicer, and the backup servicing arrangement with 'Aa3'-rated Wells Fargo Bank.

Santander's transaction called Santander Drive Auto Receivables Trust 2012-2, the firm's second public subprime deal for the year, is in the market. Moody's has assigned preliminary ratings to the deal's $784 million notes.

Additionally, a $500 million deal from Avis and a $1.1 billion auto lease offering from Mercedes.

GE is set to sell its GE Equipment Transportation (GEET) Series 2012-1, a $716 million offering backed by commercial loans on transportation equipment originated by GECC. The transaction is GECC’s second transportation-only, equipment term ABS from the GEET platform. according to a Fitch Ratings presale report.

CNH is also in the market with its $800 million offering called CNH Equipment Trust 2012-A, which is sponsored by CNH Capital, an affiliate of CNH Global N.V.

The transaction is a securitization of U.S. retail installment contracts and loans backed by agricultural equipment, comprising 92.62% of the initial pool balance, as well as construction equipment, making up 7.38% of the initial pool balance, Moody's analysts said.

Other ABS transactions in the pike include a $250 million transaction to be issued by Sierra Timeshare 2012-1 Receivables Funding LLC.

The ABS is backed by a pool of fixed-rate timeshare loans originated by Wyndham Vacation Resorts and Wyndham Resort Development Corp. Both are indirect, wholly owned operating subsidiaries of Wyndham Worldwide Corp. 

This is Wyndham's 18th Sierra deal, according to Fitch.

Also in the market are a $226 million JG Wentworth structured settlement ABS and a $195 million drug royalty securitization from DRI Capital.

CMBS Deals

A CMBS called Liberty Revenue Refunding Bonds, Series 2012 (7 World Trade Center Project), worth $452.70 million is in the works, according to Fitch.

The single-asset CMBS loan represents the beneficial interests backed by the leasehold mortgage interest in 7 World Trade Center. This is a 52-story, class A office building, totaling roughly 1.7 million square feet and located on the north end of the World Trade Center site in the downtown submarket of NYC, Fitch said in a presale report.

Proceeds from the loans will be for refinancing the prior liberty bonds, pay closing costs, and return preferred equity investment to the sponsor. The bonds and the CMBS loan will follow a sequential pay structure, based on scheduled payments as further described in the report.

The 7 WTC is a class A office building completed in 2006 and in the downtown submarket of Manhattan. The property has Gold LEED certification and includes many innovative and environmentally friendly features and safety enhancements, Fitch said.

Another CMBS deal in the market is the fourth conduit CMBS in 2012 with joint bookrunners Wells Fargo and RBS.

The deal, called WFRBS-C6, is a $925 million offering backed by 89 fixed-rate commercial mortgage loans secured by 152 properties, according to Kroll Bond Ratings.

The top five loans comprise 26.2% of the pool and the top ten loans make up 37.5%. The pool has exposure to eight property types with concentrations of over 10% in retail (34.7%), lodging (19.8%), office (14.0%), as well as self-storage (10.8%), the rating agency stated.

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