A pack of auto-related securitizations totaling over $4 billion are heading for the market, according to pre-sale reports from Fitch Ratings.
Curiously enough, they are all scheduled to close Oct. 30.
Ally Auto Receivables Trust 2013-2 is a prime auto deal worth $1.06 billion, consisting of seven tranches. All the rated pieces are ‘AAAsf’. The largest are the A-2 and A-3 pieces, amounting to $318 million each. The A-2 piece has a final maturity of July 15 2016, while the A-3 notes mature July 15 2018.
The collateral is weaker than previous Ally deals, exhibiting the lower weighted average (WA) FICO score and the second-highest WA loan-to-value ratio (LTV) so far. But the credit enhancement mirrors that of 2013-1.
JP Morgan Securities is leading the transaction.
Another auto loan deal is coming from Honda Finance Corporation. The deal, for a total $1.03 billion, has three triple-A tranches and one short-term, $285-million piece rated ‘F1+sf.’ There are two tranches of $307-million apiece, one maturing in April 2016, the other in September 2017. The longest duration is exhibited by a $100 million, which matures in February 2020.
All the loans are prime, with an average FICO of 756.
The lead managers on the Honda deal are Royal Bank of Scotland and Citigroup.
Also coming up is a $964-million auto lease deal from Nissan. The deal has three rated tranches, all garnering ‘AAAsf.’ The collateralized leases are on new Nissan and Infiniti brand vehicles manufactured by Nissan Motor Company and all are originated through Nissan Motor Acceptance Corporation.
The deal is firmly in prime territory, with a WA FICO score of 744. Most of the leases are 39 months in length. The seasoning averages 13 months. Better credit quality among those leasing cars and a robust used-vehicle market has kept losses falling on Nissan’s lease portfolios since the crisis in 2007-08.
The lead is Barclays, with JP Morgan and RBS Securities also arranging the deal.
Joining Nissan in the lease space is Ford Motor Credit Company. The originator is behind a $1.01-billion deal with seven tranches. The triple-A rated pieces include a $303-million one maturing Jan. 15, 2016; a $250-million tranche maturing Sept. 15, 2016; and a $101-million tranche maturing Jan. 15, 2016.
The WA FICO score is 746 and WA original term is 33 months. All the securitized leases are on new vehicles. Credit Suisse is leading the deal.