Honda Auto Receivables Trust (HART), a special-purpose vehicle that was designed to purchase assets from Honda Canada Finance Inc., is set to come to market in two weeks with an auto-backed deal, sources knowleagable about the transaction said.
The deal, which will be rated by Dominion Bond Rating Service Limited (DBRS), will most likely include a small portion of motorcycle loans in the portfolio.
Canada Imperial Bank of Commerce (CIBC) will act as the sub-administrative agent. The HART structure is a slightly different because, though the administrative agent is Honda, CIBC performs most of services needed to be performed for the trust, a source explained.
Though HART's previous transactions have all been commercial paper to date, the trust has the capability to issue a longer-term deal.