Autos are dominating the ABS pipeline once again with deals from AmeriCredit Financial Services (now under GM Financial), Navistar Financial and Ford Motor Credit Co.
AmeriCredit is in the market with an auto deal called AmeriCredit Automobile Receivables Trust 2011-5 (AMCAR 2011-5) worth $900 million.
Moody's Investors Service has assigned provisional ratings to AMCAR 2011-5. This is the fifth senior/subordinated transaction of the year for the firm. The rating agency assigned the class A-1 notes preliminary ratings of 'Prime-1 (sf)'; the Class A-2 Notes 'Aaa (sf)'; the Class A-3 Notes 'Aaa (sf)'; the Class B Notes 'Aa1 (sf)'; the Class C Notes 'A1 (sf)'; the Class D Notes 'Baa2 (sf)'; and the Class E Notes 'Ba2 (sf)'.
According to Bloomberg, Navistar Financial is planning to sell a $224 million floorplan ABS deal that might price this week. The 144A transaction is joint lead by Bank of America Merrill Lynch, Citigroup Global Markets, and Deutsche Bank Securities, the report said. The deal is rated by Moody’s and DBRS.
Ford is in the market with Ford Credit Auto Lease Trust 2011-B ((FCALT 2011-B). The notes, according to a Fitch Ratings presale report on the deal, are supported by an exchange note. This will be backed by a referenced pool of closed-end leases on various brands of new vehicles, manufactured by Ford Motor Co., the rating agency said. All the leases were originated by Ford dealers and bought by one or more Ford Credit-created titling firms directly from various franchised vehicle dealers.
In credit cards, Royal Bank of Canada is marketing a deal from its Golden Credit Card Trust.
RBC Capital Markets and Bank of America Merrill Lynch are the joint lead arrangers in the transaction. For a DBRS presale report on the offering, please click on this
