Hyundai Capital America has filed an S-3 shelf registration with the Securities and Exchange Commission (SEC) for a securitization backed by a pool of motor vehicle retail installment sale contracts.
Hyundai ABS Funding Corp., a wholly owned subsidiary of Hyundai Capital America, will act as the depositor and will the auto contracts to the issuing entity.
Hyundai Capital America will serve as administrator to the issuing entity.
For a copy of the full SEC filing, please click here.
Hyundai's last deal worth $960.9 million priced on May 6. Lead managers on the auto ABS were RBS Securities, Societe Generale and JPMorgan Securities. Meanwhile, RBC Capital Markets served as co-manager on the offering.
In other ABS news, Federated Student Finance Corp. is in the market with a $189.9 million deal.
Citigroup Global Markets will lead manage the FFELP-backed transaction, with class A1 notes rated triple-A by Moody’s Investors Services and Fitch Ratings.
A Moody’s presale report on the deal stated that enhancement for the class A1 notes will include overcollateralization and liquidity will be available through a fully funded reserve account.
Meanwhile, the average annual excess spread is expected to be between 55 and 75 basis points per year. All excess spread, according to Moody’s, will be captured to pay down notes until the notes are paid in full.
For more preliminary information, please click the link below from the ASR Scorecards database.