GM Financial, formerly known as AmeriCredit, is planning to sell a $1.1 billion transaction called AmeriCredit Automobile Receivables Trust (AMCAR) 2012-4, according to a Fitch Ratings presale report.
Standard & Poor's and Fitch are rating the auto transaction that might be sold as early as tomorrow, published reports indicated.
The deal is backed by new and used automobiles, light-truck, and utility vehicle loans originated and serviced by AmeriCredit Financial Services, Fitch reported.
GM Financial is the captive finance subsidiary of General Motors Co.
According to Fitch, the credit quality of the current transaction is along the lines of the company's previous three deals. The weighted average FICO score is 564 and the weighted average internal credit score rating is 241.
The used cars total 51.2%, and the weighted average loan-to-value ratio is 110%, which is similar to recent pools, the rating agency said.
Losses on GM Financial’s portfolio and 2009– 2011 AMCAR ABS have dropped to some of the lowest levels ever seen. This dip was driven by the gradual economic recovery and strong used vehicle values that have boosted recovery rates, Fitch analysts said.
Meanwhile, in Europe, Volkswagen is planning to issue a German auto lease-backed transaction worth €718.5 million ($903.3 million), DBRS said in a presale report on the offering.
The rating agency has assigned a provisional rating of 'AAA (sf)' to the Class A Notes worth €697.5 million and and 'A (high) (sf)' to the Class B notes worth €21 million issued by VCL Multi-Compartment S.A., which is acting for and on behalf of its Compartment VCL 16.
In terms of numbers, year-to-date issuance of U.S. non-mortgage ABS totals $128.1 billion, which is 79% ahead of 2011’s $71.6 billion over this period, and well above the previous year’s total volume of $111.6 billion, according to Barclays Capital analysts in an Aug. 31 report.
They projected that the primary market volume will stay on track to meet their full-year issuance expectations of $172 billion to $190 billion with autos comprising $95 to $100 billion.
The CMBS sector is seeing some action too. Freddie Mac is planning to sell its structured passthrough certificates via a deal called FREMF 2012-K20. This is a $1.3 billion multi-borrower transaction.
Kroll Bond Rating Agency said in a presale on the offering that the transaction is backed by 77 fixed-rate multifamily mortgage loans, each of which is secured by a single property. The rating agency said that underlying loan collateral is geographically dispersed across 30 states. The three highest state concentrations are New York (12.2% of the pool), Texas (10%,) and California (7.7%). No other state individually represents more than 6.5% of the total pool balance.
In other CMBS deal news, Bloomberg reported that UBS and Barclays are planning an upcoming conduit CMBS while Citigroup and Goldman Sachs plan to sell an offering called GSMS 2012-GC8.