Amid a slowdown in the auto sector of the ABS market, at least five somewhat programmatic, but off-the-run auto lenders are prepping transactions for the near term. The group of issuers, which have recently filed with the Securities and Exchange Commission to bring deals, includes two midsized regional banks, two small non-prime lenders and one large independent non-prime issuer.
Last week, units of Maryland-based Chevy Chase FSB and Wisconsin-based Marshall & Ilsley Bank both filed preliminary S-3 shelves with the SEC for an undisclosed amount of auto ABS, via a yet-to-be-disclosed set of underwriters.
Subprime lender Franklin Auto filed an amended shelf registration with the SEC to offer up to $1.2 billion of auto ABS. Franklin has historically securitized via RBS Greenwich Capital. And, as previously reported, Bay View Acceptance plans to sell $250 to $450 million of auto ABS via UBS Warburg.
WFS Financial, one of the largest auto ABS issuers, has registered $2.5 billion for sale via securitization, according to records, although it has not announced an underwriter.