American Honda Finance Corp. (AHFC) is in the market with Honda Auto Receivables Owner Trust 2011-2 deal.

The offering, managed by the Royal Bank of Scotland, is worth $1.23 billion and backed by prime retail instalment auto loan contracts originated to AHFC borrowers. The pool comprises loans collateralized by new and used Honda and Acura automobiles and light-duty trucks.

This is AHFC’s 44th term securitization and second of 2011, according to a Moody's Investor Service presale report. AHFC is the sponsor and servicer of 2011-2 and is the captive finance unit of American Honda Motor Co.,which is in turn a wholly owned subsidiary of Honda Motor Co., Fitch Ratings stated in a presale report.

Santander Consumer USA is also in the market with a deal called Santander Drive Auto Receivables Trust 2011-S2. The auto deal is $545.50 million.  

As reported by last Thursday, Sallie Mae has an $821 million consolidated FFELP-backed SLABS in the market. The deal is called SLM Student Loan Trust 2011-2.

Joint leads JPMorgan Securities and Barclays Capital announced the three-tranche deal this morning. The co-manager on the transaction is RBC Capital Markets

The student loan transaction, which is due to price either Wednesday or Thursday of this week, is rated by Moody's Investors Service and Standard & Poor's.

The structure features a triple-A rated Class A1 worth $622 million with a weighted average life of 3.9-years; a triple-A Class A2 worth $175 million with a weighted average life of 11.2-years; and  a single-A Class B worth $24 million with a weighted average life of 13.8-years.

In other deal news, Dow Jones reported that JPMorgan Chase is offering a self-led $1.447 billion CMBS transaction backed by 42 fixed-rate loans on 84 properties. According to the report,  the retail sector makes up 41% of the 144A offering while office collateral comprises 35.6%.


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