It’s a busy start of the week for auto loans securitizations with Ford, Honda, BMW and First Investors adding $3.18 billion to the primary pipeline of deals. These new deals bring the auto ABS deals being marketed or priced so far this year to $8.7 billion. That compares with the $6.4 billion price during the full month of January 2012.
Ford is marketing its $1.15 billion auto floorplan ABS deal, Series 2013-1. Barclays, Citigroup, HSBC and Royal Bank of Scotland are joint lead managers, according to a prospectus supplement filed with the U.S. Securities and Exchange Commission today.
Moody's Investors Service assigned preliminary ratings on the deal. The deal is structured with A1 and A2 notes, rated 'Aaa' that will total $1 billion. The notes are being sold with a 2.98-year average life maturity. The structure also includes $45.75 million class B notes offered with an average life maturity of 2.98-years that are rated 'Aa1'; $65.35 million class C notes with an average life maturity of 2.98-years that are rated 'Aa3'; and $39.21 million class D notes, offered with an average life maturity of 2.98-years that are rated 'A3'.
BMW Financial Services is marketing a $1 billion of auto lease ABS this week. Fitch Ratings assigned preliminary ratings to the deal. It is structured with $229 million, class A-1 notes rated ‘F-1’; $360 million class A-2 notes, rated ‘AAA’; $336 million class A-3 notes, rated ‘AAA’ ; and $75 million class A-4 notes, rated ‘AA’. Bank of America Merrill Lynch is lead manager.
Fitch also assigned preliminary ratings to the $1.025 billion auto lease securitization deal marketing for American Honda Finance Corp. BofAML is lead manager on the deal, called Honda Auto Receivables 2013-1 Owner Trust.
The deal structure includes $274 million class A-1 notes, rated ‘F-1’; $313 million class A-2 notes, rated ‘AAA’; $305 million class A-3 notes, rated ‘AAA’; $108 million class A-4 notes, rated ‘AAA; and $25.65 million of notes that will not be rated by Fitch. The 2013-1 transaction is backed by new and used Honda and Acura automobiles, light trucks, and utility vehicle loans originated and serviced by AHFC, a wholly owned captive finance subsidiary of American Honda Motor Co., Ltd. (AHMC).
According to a Standard & Poor's presale report, First Investors is marketing a $187 million subprime auto lease deal that is being lead managed by Wells Fargo. S&P, DBRS and Kroll Bond Ratings have all assigned preliminary ratings to the deal. The $26,2 million class A-1 notes, are rated ‘A-1+’/’R-1’/ ‘K1+; the $126.4 million class A-2 notes are rated ‘AAA’; the $10 million class B notes are rated ‘A’, the $15 million class C notes are rated ‘A’; and the $9.4 million class D notes are rated ‘BBB’.