Auto deals, both Term ABS Loan Facility (TALF)-eligible and not, have been giving the ABS market some life.
Yesterday, AmeriCredit Financial Services priced its upsized $600 million auto ABS TALF deal lead by Barclays Capital and Deutsche Bank Securities.
Credit Suisse, UBS and Wells Fargo Securities were the co-managers on the transaction.
Details on AmeriCredit auto ABS are available via the link below from the ASR Scorecard database.
Meanwhile, CarMax Business Services is coming to market with a Bank of America Merrill Lynch- and Wells Fargo-led $470 million auto loan backed deal. The offering, which is called CarMax Auto Owner Trust, 2010-1, is backed by prime auto loans. Co-managers on the transaction are Barclays Capital and JPMorgan Securities.
The onslaught of floorplan ABS continues. Ford Motor Credit Co.’s $250 floorplan deal, which was lead by Credit Suisse, priced on Tuesday. The auto firm also sold another floorplan offering under the January 2010 TALF subscription period. The deal was even upsized to nearly $1.5 billion from roughly $590 million because of strong demand.
Ford’s deal joins a long line of floorplan transactions seen in the market recently. Nissan Motor Acceptance Corp. , Navistar Financial Corp., and Ally Bank all came to market with transactions in this asset class.
Additionally, another floorplan deal came down the pike in January — Morgan Stanley Resecuritization Trust 2010-F. The deal’s certificates were backed by Ford Credit Floorplan Master Owner Trust A, Series 2006-4.
As previously reported in StructuredFinanceNews.com, John McElravey, a senior analyst at Wells Fargo Securities, said that his outlook for floorplan ABS in 2010 is currently pegged at $10 billion, although the volume in the asset class might go over this amount given the number of deals from the sector that have come to market thus far.
Aside from autos, there has also been a smattering of ABS deals from different sectors, some of which were privately placed.
Ocwen Loan Servicing had a $200 million servicer advance receivable offering, Marlin Leasing Corp. had a $81 million equipment lease deal and Student Loan Corp. had a $781 million private student loan-backed transaction led by Citigroup Global Markets.