Huntington Returns with $2B of Prime Auto ABS

April 29, 2015, 10:30 a.m. EDT 1 Min Read

After a three-year pause, Huntington Bancshares is planning to return to the auto securitization market with a $2 billion transaction from its from its Huntington Auto Trust

This week the issuer filed a preliminary deal registration document with the U.S. Securities and Exchange Commission. Huntington was last in the market with a $1 billion deal in October 2012.

Steve Steinour, chairman, president, and chief executive at Huntington Bancshares announced, during the 3Q earnings call in October, last year, that the bank planned to issue two securitizations in 2015.

The issuer’s auto loan portfolio is comprised mostly of prime and super prime auto loans. In the first quarter of 2015, automobile loan originations grew by $2.0 billion, or 29%, making it the fifth consecutive quarter of gains greater than $1.0 billion in automobile loan originations for the issuer.

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