GE Capital is in the market with GE Capital Credit Card Master Note Trust (GECCCMNT) Series 2011-1.  

The $655.738 million deal is lead managed by Bank of America Merrill Lynch and Royal Bank of Scotland (RBS). The co-managers on the offering are Citigroup Global Markets and JPMorgan Securities.

GECCCMNT 2011-1  comprises class A, B, and C ABS notes. The Class A portion is worth $500 million; Class B $72.131 million; and Class C $47.541 million. The deal has an excess collateral amount worth $36.066 million.

The offering's top-rated portion could yield 55 basis points over the one-month LIBOR, said a Bloomberg report.

According to a Fitch Ratings presale report, the deal's class A and B notes will be publicly offered, although the class C notes will not be publicly offered at issuance.

The credit card transaction is backed by a pool of receivables under GE Money Bank's(GEMB) private-label and co-brand revolving credit card accounts generated through private-label programs of multiple retailers, Fitch said. GEMB is an indirect wholly owned subsidiary of General Electric Capital Corp. (GECC).

Meanwhile, Hyundai Capital America is in the market with a $920.78 million six-tranche offering under its Hyundai Auto Receivables Trust Series 2011-A. The deal, which is rated by Standard and Poor's and Moody's Investors Service, is backed by prime auto loans. RBS is the underwriter on the offering.

Price guidance on the deal's $263 million tranche, which is its largest triple-A portion, is in the 25 basis point range over EDSF, said Dow Jones, which also reported that Santander Consumer Acquired Receivables Trust is in the market $797 million offering.

Aside from the three auto deals mentioned above, First Investors Financial Services is also in the market with a 144A auto ABS transaction called First Investors Auto Owner Trust 2011-1, as reported by yesterday.

Last week, Ally Bank priced its originally $500 million auto floorplan transaction under its Ally Master Owner Trust Series 2011-1. The transaction was eventually upsized to $1.25 billion.

Indeed, auto ABS is on its way to be the top sector in terms of issuance. In 4Q10, autos ended up with $11.1 billion worth of issuance, according to figures from Barclays Capital. Meanwhile, credit cards had $0.6 billion, student loans $3 billion, and equipment ABS $1.2 billion.



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