BMW is readying its next foray into the asset-backed market, having recently filed with the Securities & Exchange Commission to issue up to $1 billion in bonds backed by auto loans.
The filing describes a master trust structure with four tranches of A class notes, plus one tranche of B class notes, and names J.P. Morgan Chase as underwriter, with Chase Manhattan Bank as the trustee.
Since tapping the market for the first time in nearly a decade with an auto loan-backed deal in 1999, the German carmaker has come twice more: an auto lease-backed deal followed by a dealer floorplan securitization.
BMW has worked with Salomon Smith Barney on most of it deals, although Deutsche Bank was lead manager on the company's most recent dealer floorplan securitization, according to Thomson Financial Securities Data.
