BMW Plans New Auto ABS Deal

June 28, 2012, 10:38 a.m. EDT 1 Min Read

BMW Financial Services is readying a new securitization of auto loan receivables, according to a new shelf registration the company filed with the Securities and Exchange Commission (SEC) today. For the full filing, please click this link.

The deal will be backed by a portfolio of sale contracts secured by BMW passenger cars, BMW light trucks, BMW motorcycles, MINI passenger cars and Rolls-Royce passenger cars.

The capital structure will include, class A-1, class A-2, class A-3, class A-4 and class B notes. Credit enhancement for the notes comprises excess interest on the receivables, subordination of the certificates, subordination of the class B notes, overcollateralization, the reserve account and the yield supplement overcollateralization amount.

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