First Investors is in the market with FIAOT 2011-2, a $150 million auto securitization.
The deal is rated by Standard & Poor's and is the second deal to be issued this year by the issuer. The capital structure include senior fixed Class A-1 and ClassA-2 notes rated 'A-1+' (sf) and 'AAA' (sf) respectively. It also includes four tranches of subordinated notes rated 'AA', "A', 'BBB' and 'BB'.
First Investors securitized five bond-insured transactions in 2000-2006, all of which have paid-off. The paid-off cumulative net losses for the 2000 to 2006 pools are in the range of 4.87% to 9.43%. After seven months of performance, the 2011-1 transaction has experienced 0.87% of cumulative net losses and has a pool factor of 79.6%
First Investors is an independent consumer finance company engaged in the purchase and retention of auto loans originated by automobile dealers from the sale of new and used vehicles or directly to consumers for the purpose of refinancing an existing automobile loan.
