On the heels of deals from Toyota Motor Credit Corp. and Chrysler Financial Corp., Consumer Portfolio Services is also coming to market with a $94.5 million auto ABS. The deal, which is managed by Citigroup Global Markets, is comprised of five tranches.
Despite the recent activity in the auto sector, Wells Fargo analysts said in the beginning of the month that its current pace is it is still on track to reach around $50 billion for the full year.
They said that that the main risks to new-issue auto ABS volume are still auto sales and consumer credit availability. Analysts said that the auto ABS sector comprises 46% of total issuance so far this year versus only 7% for credit cards.
They added that vehicle-related sectors such as including floorplan and fleet lease are still dominating new-issue volume.
"Investors remain concerned about the lack of new bonds to buy," analysts said. "We expect the period between Labor Day and Thanksgiving to be more active but still well below the tempo that would have been typical of the pre-credit crunch years."
Meanwhile, the four-tranched RMBS deal from the Netherlands called Dolphin Master Issuer 2010-4 priced yesterday. For futher details on both deals, please click on the link below from the ASR Scorecards database.