Enterprise Fleet Management (EFM) is in the market with a $497 million transaction rated by Moody's Investor Service and Standard & Poor's.
The notes will ultimately be backed by a static pool of fixed-rate leases and the related vehicles, according to Moody's. The fixed-rate ABS notes will be issued by Enterprise Fleet Financing Series 2012-1.
EFM is a wholly-owned subsidiary of private equity holding company The Crawford Group,which also wholly owns rental car company Enterprise Holdings. According to Moody's, EFM, which will be the servicer for this deal, offers fleet leasing and management services mostly to small and medium-sized businesses throughout the county.
Other ABS deals in the market is a $1.25 billion Sallie Mae deal that might price this week, according to Bloomberg.
The SLABS is underwritten by Bank of America Merrill Lynch, Credit Suisse, and Royal Bank of Scotland (RBS).
The news service also reported that Vericrest Financial has priced its one-year bond at a yield of 4.25% and a coupon of 4.2128%. The $111 million 144A transcation had Wells Fargo Securities and RBS as joint bookrunners, Bloomberg reported.