Auto auto deals are filling up the ABS pipeline this week from The Huntington National Bank (HNB), Santander Consumer USA, Ally Bank and AmeriCredit Financial Services.
HNB is out with a $1 billion deal called Huntington Auto Trust 2011-1. The seven-tranched securitization is backed by prime-quality retail installment auto loan contracts originated to HNB obligors, according to a presale by Moody's Investors Service.
The transaction is HNB’s first offering since 2009 and is also its fourth stand-alone retail term securitization.
The deal is structured as a static owner trust, which, Moody's said allows for a variety of maturities suited to investor needs.
Moody’s cumulative net loss expectation for the 2011-1 asset pool is 1.00% and the 'Aaa' Level is 7.00%. The lead underwriter on the transaction is Credit Suisse.
Santander's $774.59 million subprime auto transaction called Santander Drive Auto Receivables Trust 2011-3 (SDART 2011-3) is lead underwritten by Deutsche Bank Securities, JPMorgan Securities and Santander.
Moody's has assigned provisional ratings to the seven-tranche deal of 'Prime-1' to the Class A-1 money market tranche, 'Aaa' to the Class A-2 and A-3 notes, 'Aa1' to the Class B notes, 'A1' to the Class C notes, 'Baa2' to the Class D notes, and 'Ba2' to the Class E notes issued, according to the rating agency's presale on the deal.
Additionally, the rating agency has assigned an Assumption Volatility Score of Low/Medium to the offering. SDART 2011-3 is the third public subprime deal in 2011 from the company and the firm's 33rd transaction overall.
Meanwhile, AmeriCredit is in the market with an $800 million auto loan ABS issue called AmeriCredit Automobile Receivables Trust 2011-4 (AMCAR 2011-4).
A Fitch Ratings presale report said that AMCAR 2011-4 is backed by new and used automobile, light-truck and utility vehicle loans originated and serviced by AmeriCredit Financial Services, a wholly-owned subsidiary of General Motors Financial Co. GM Financial is the captive finance subsidiary of General Motors Co.
Meanwhile, Moody's assigned provisional ratings to the notes to be issued by Ally Auto Receivables Trust 2011-4.
The preliminary ratings are as follows: Class A-1 Notes, 'Prime-1 (sf)'; Class A-2 Notes 'Aaa (sf)'; Class A-3 Notes 'Aaa (sf)'; ClassA-4 Notes 'Aaa (sf)'; Class B Notes 'Aa2 (sf)'; and Class C Notes 'A1 (sf)'.