Banc One Capital Markets is prepping a return to the auto loan-backed market, a sector the bank has not dabbled in as an issuer since 1997, according to Thomson Financial.
Last week the firm filed an S-3 with the Securities & Exchange Commission to issue via a depositor called Bond Securitization, LLC.
The bank had issued several deals off its Banc One Auto Grantor Trust between 1995 and 1997 for approximately $2.5 billion in combined proceeds.
It's unclear at this point whether Banc One's plans are for its own collateral, or if this is a rent-a-shelf type filing, where the bank would plug in collateral for its clients that are too small to be frequent issuers, and hence don't need their own programs.
As an underwriter, Banc One has managed just one auto-loan deal this year, a $72 million transaction for Prestige Auto. Additionally, the bank was a joint bookrunner on a $2 billion dealer floorplan deal for GMAC's Superior Wholesale Trust. Also, BOCM has been part of the syndicate on $8.4 billion worth of auto-loan deals this year.