Ford Credit Canada in the Market with Auto Deal

February 22, 2011, 1:46 p.m. EST 1 Min Read

Ford Credit Canada is in the market with its Ford Auto Securitization Trust 2011-R1.

The six-tranche, over CAD$600 million deal is managed by HSBC Securities (Canada), Merrill Lynch Canada, RBC Dominion Securities, Scotia Capital, BMO Nesbitt Burns, CIBC World Markets, and TD Securities.

The auto ABS transaction, which is scheduled to close on March 4, is backed by portfolio of retail conditional sale contracts secured by new and used cars, light trucks and utility vehicles, according to a DBRS presale report.

For a full copy of the presale, please click on this link.

In other deal news, according to a Bloomberg report, Sallie Mae is planning to come to market with a $812.35 million FFELP-backed SLABS.

MORE FROM ASSET SECURITIZATION REPORT

Home equity loans

Wold joins Hometap to lead U.S. structured products business

Formerly of Wells Fargo, she will coordinate several key units to create a structure for a sustained capital markets program that capitalizes on recent innovation and growth in home equity finance.

By Donna M. Mitchell

April 17
MBS

Freddie Mac's home equity product proposal stokes mixed early reactions

The Structured Finance Association questions whether funding closed-end seconds is an appropriate role for the government-sponsored enterprise, while newer lenders welcome the liquidity support.

By Donna M. Mitchell

April 17
Regulation and compliance

CFPB makes structural changes after expanding authority over nonbanks

The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.

By Kate Berry

April 17
Securitization

Citizens' second deal of the year to raise $750 million in auto ABS

The bank is a top auto lender, with a managed portfolio of $7.1 million through December 2023, and has a strong servicing track record.

By Donna M. Mitchell

April 17
Esoteric ABS

Huntington opts for more traditional CLN issuance

The initial protection amount, Moody's says, is 12.5% of the total reference pool and equals the principal amount of the rated and unrated issued notes.

By John S. Hintze

April 17
Consumer lending

Bank of America hurt by rising losses in credit cards, office loans

Net charge-offs at the Charlotte, North Carolina-based bank increased by more than 80% in the first quarter compared with a year earlier. BofA executives say that the rising losses were in line with the bank's risk appetite.

By Catherine Leffert

April 16