Look for autos to clog the ABS highway next month as close to $4 billion in auto deals will screech down the asphalt in July. Honda's ramping up for a public offering, WFS Financial will have a new bookrunner to sell its sizable transaction, and Toyota's preparing a large deal from its long dormant loan program.
Honda will motor to market with a much larger deal from its Auto Receivables Grantor Trust compared with the last transaction from that vehicle. Expect volume to be close to $1 billion and the curtains to be opened, as the auto lease deal will be offered in the public market this time, according to sources. Honda's last grantor trust transaction was a private $500 million deal that priced in November 1998. Credit Suisse First Boston will manage the sale, which will be split into three tranches and is scheduled for launch in July.