Auto and credit card securitizations are filling the pipeline this week. There is also a timeshare deal from Marriot Vacations Worldwide Corp. (MVW).
Navistar Financial Corp. is marketing a $502 million securitization of loans, finance leases and TRAC leases extended to businesses for funding the purchase of new and used, medium or heavy-duty trucks, truck chassis, busses or trailers.
The deal, NAVOT 2012-A, will be rated by Moody's Investors Service. The rating agency has assigned the class A-1 notes a provisional 'P-1' ratings. The class A-2 and A-3 notes have been rated 'Aaa' and the class B, C and D notes have been assigned provisional ratings of 'Aa3', 'A1' and 'Baa1', respectively.
GM Financial is also planning to sell an auto ABS worth $1.2 billion, according to Bloomberg.
Meanwhile, MVW is planning to sell a timeshare deal worth $200 million. The transaction called Marriott Vacation Club Owner Trust 2012-1 (MVCOT 2012-1) will be rated by Fitch Ratings. The agency has assigned the Class A notes worth $176.8 million a preliminary ‘Asf’ rating and its class B notes worth $23.2 million a preliminary ‘BBBsf’ rating.
The offering is collateralized by a pool of fixed-rate timeshare loans originated by Marriott Ownership Resorts, Inc. (MORI) and its affiliates. MORI is a subsidiary MVW. The transaction’s collateral excludes loans that have FICO scores of less than 600, according to a Fitch presale report on the deal.
In the credit card sector, both Cabela’s and American Express (which priced on Monday) have transactions worth $300 million and $500 million, respectively, Bloomberg also reported.
