Ford Motor Credit Company is in the market with a $575 million dealer floorplan securitization deal from its master trust.
The deal, Series 2011-2 , will consist of a revolving pool of dealer floorplan receivables arising from credit lines made by Ford Credit Company to retail automotive dealers franchised by mainly Ford Motor Co. (Ford) selling Ford and Lincoln brand vehicles, and other original equipment manufacturers (OEMs).
The Class A1 and A2 notes have been rated 'AAA' (sf) by Fitch Ratings. The Class B, C and D notes have been rated a respective, 'AA'(sf), 'A'(sf) and 'BBB' (sf) also by Fitch.
The deal is expected to close next week. Barclays Capital, BNP PARIBAS and the Royal Bank of Scotland have been named lead underwriters on the deal.
Auto ABS issuance volumes for October have already seen a good number of deals. Public issuance volumes in September for auto lease and dealer floorplan structures was $10.3bn with YTD issuance of $55bn through Oct. 3rd, compared to $58bn for all of 2010, according to SIFMA.