GE Capital Files S-3 with SEC

GE Capital Corp., through its unit CEF Equipment Holding, has filed an S-3 with the Securities and Exchange Commission (SEC) to issue ABS. To access the full SEC filing, please click here. 

In other deal news, Nelnet is in the market with a $343.9 million transaction called Nelnet Student Loan Trust 2012-1.

The underlying collateral consists of FFELP Stafford, PLUS and consolidation student loans.

The 2012-1 series transaction is divided into $336.3 million of floating-rate class A notes as well as $7.6 million of floating-rate class B notes. 

Moody's Investor Service and Fitch Ratings assigned provisional ratings of 'Aaa (sf)' and 'AAAsf', rspectively, to the class A notes and  'A1 (sf)' and 'A+sf' to the class B notes. The rating outlook for the class A's 'AAAsf' from Fitch is Negative.

As of Dec. 2, 2011, Fitch’s rating outlook for all existing and new-issue ‘AAA’-rated tranches of FFELP SLABS became Negative. This reflects the rating agency's Negative Rating Outlook on the U.S.' long-term foreign and local currency issuer default ratings.

Another student loan deal is the Montana Higher Education Student Assistance Corp. (MHESAC)-Senior Series 2012 worth $1.145 billion. Citigroup Global Markets is underwriting the offering. 

MHESAC has previously issued roughly $2.1 billion of senior bonds in 32 series and about $200.4
million of subordinate bonds in 11 series, according to a presale from Standard & Poor's.

Most of the previously issued bonds are auction-rate securities or ARS that are lowering the trust's value. 

Because of this, MHESAC will use the new series 2012 bonds, together with the restructured
series B bonds, to recapitalize the trust, S&P noted.

Aside from the Libor-indexed series A and B bonds, the only remaining bonds in the trust will be the Libor-indexed senior series 2005 and 2006 bonds as well as the subordinate series 2006-C bonds. The trust's total debt is $1.47 billion and no additional bonds will be issued under the indenture, S&P stated.

Other securitization transactions in the market include a potential 144A deal from Chesapeake Funding that might be announced next week, according to Bloomberg.

The news service also reported that Trafigura's 144A transaction, which was upsized to $430 million from $250 million, has priced. For ASR's coverage on the transaction, please click here.