The auto pipeline is filling up with securitizations that are due to price by mid-week. Santander Consumer USA (SC USA), Mitsubishi Motors Credit of America (MMCA) and Ally Bank are all in the market with their respective auto transactions.

SC USA is in the market  $775 million auto ABS transaction. For the Securities and Exchange Commission (SEC) filing related to the issue, please click here.

The joint lead managers on the securitization are Citigroup Global MarketsBarclays Capital and Santander. The co-managers with respect to the Class-A notes are Credit Suisse and JPMorgan Securities.

The deal, Santander Drive Auto Receivables Trust 2012-1, will offer investors two Moody's Investors Service-rated 'Aaa (sf)' tranches, along with a B tranche that has been assigned a provisional rating of 'Aa1 (sf)' and a class C tranches that has been provisionally rated 'A1 (sf)' by the rating agency.

The capital structure also includes one Moody's rated 'Baa2 (sf)' tranche and one 'Ba2 (sf)' rated tranche.

This is the first public subprime transaction of the year for SC USA.

Meanwhile, Mitsubishi is in the market with MMCA Auto Owner Trust 2012-A or MMCA 2012-A.

The transaction, worth $226.34 million, is backed by prime-quality retail installment auto loan contracts originated by MMCA.

This is the firm's fourth retail loan ABS since 2009, according to a Moody's presale report.

Formerly, MMCA directly sponsored deals in the ABS market from 1997-2002. More recently from 2005-2008, collateral originated by MMCA was securitized in the Merrill Lynch Auto Securitization Trust (MATS), which is a trust sponsored by Merrill Lynch Bank, Moody's reported.

The MMCA 2012-A transaction is structured as an amortizing owner trust, the rating agency said.

Barclays is the lead manager on the deal.

Moody's has assigned provisional ratings to the notes as follows: Class A-1 of 'Prime-1 (sf)'; Class A-2 '(P)Aaa (sf)';Class A-3 'Aaa (sf)'; Class A-4 'Aaa (sf)';  Class B 'Aa3 (sf)'; and Class C '(P)Baa1 (sf)'.

As reported by ASR on Friday, Ally Bank has filed with the SEC a propectus supplement to issue an auto securitization under its  Ally Auto Receivables Trust 2012-1.

To view the full SEC filing, please click here.

The underwriters on the offering are Citigroup, Credit Suisse and JPMorgan.

Moody's assigned provisional ratings of Class A-1 Notes of 'Prime-1 (sf)'; Class A-2 Notes 'Aaa (sf)'; Class A-3 Notes 'Aaa (sf)'; ClassA-4 Notes '(P)Aaa (sf)'; Class B Notes 'Aa2 (sf)' and  Class C Notes, rated 'A2 (sf)'

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