Auto ABS volume keeps getting bigger with three deals this week, further boosting the sector.
Ally Bank is in the market with a $750 million dealer floorplan ABS called Ally Master Owner Trust Series 2012-1 expected to price midweek.
Joint lead managers on the transaction are Barclays Capital, Deutsche Bank Securities, and RBC Capital Markets. For the Securities and Exchange Commission filing associated with the deal, please click here.
The collateral backing the offering are a revolving pool of dealer floorplan receivables originated from credit lines made by Ally to retail automotive dealers franchised by General Motors Co., Chrysler Group, and other original equipment manufacturers, according to a Fitch Ratings presale.
The deal's class A-1 notes have floating-rate notes based off one-month Libor while the class A-2, B, C, and D notes have fixed-rate coupons, the presale stated.
Meanwhile, Moody's Investors Service has assigned preliminary ratings to Honda Motor Co. $1.25 billion Honda Auto Receivables 2012-1 Owner Trust or HAROT 2012-1.
The rating agency assigned the following provisional ratings: Class A-1 'Prime-1 (sf)'; Class A-2 'Aaa (sf)'; Class A-3 'Aaa (sf)'; and Class A-4 'Aaa (sf).'
Other deals in the market include GE Capital's $421 millon floorplan deal with bookrunners Credit Suisse and Citigroup. The transaction is called GE Dealer Floorplan Master Note Trust Series 2012-1.
Co-managers JPMorgan Securities, Royal Bank of Cananda, Societe Generale, and Mischler Financial Group, a Bloomberg report said.
The offering's collateral comprises mainly of direct interests in the floorplan receivables originated by GE Commercial Distribution Finance Corp., Brunswick Acceptance Co., Polaris Acceptance, General Electric Capital Corp. and other originators from time to time, according to presale reports from Moody's and Fitch that both rated the deal.
Nissan Motor Acceptance Corp. (NMAC) is also in the market with Nissan Auto Receivables 2012-A Owner Trust.
The $1.04 billion deal is the first transaction issued by NMAC in 2012. The 2012-A is collateralized by new and used Nissan and Infiniti cars and light-duty trucks manufactured by NMAC’s parent, Nissan Motor Co. and all are NMAC-originated, according to a Fitch presale.