A busy week of consumer ABS issuance saw over $6.7 billion of securities backed by auto and credit card assets readily absorbed by investors.

In auto loan backed securities, Ford, Toyota, and BMW each priced over $1 billion in prime auto transactions during the week, with all three upsizing their transactions by $250-$300 million each. 

Ford sold $1.3 billion of auto loans from its second revolving auto deal for 2014, Ford Credit Auto Owner Trust 2014-RV2.

Ford was required to build in additional credit enhancement for the senior notes to allay concerns regarding the transaction's revolving period, during which new collateral can be added. The senior, ‘AAA’ rated notes priced swaps plus 50 basis points, according to an Interactive Data report. The notes have credit enhancement of 9.5%; by comparison, the senior tranche of Ford’s previous auto loan deal, FCAOT 2014-B, had credit enhancement of just 5.5%.

The class B notes, rated ‘AA,’ priced at swaps plus 70 basis points. Fitch Ratings assigned ratings to the deal. Bank of America-Merrill Lynch, Credit Suisse, J.P. Morgan Securities and SMBC Nikko Securities America are the lead underwriters.

BMW’s Vehicle Owner Trust 2014-A was also upsized to $1 billion from $750 million. The deal is the issuer’s first this year backed by retail auto loans.

RBC Capital Markets was mandated to lead the deal. The ‘AAA’ rated, class A2 notes with a legal final maturity of April 2017 yield 0.97%, according to S&P. The notes have credit enhancement at 2.75% and are due April 25, 2017. Fitch rated the transaction.

BMW included more longer-term loans in the deal. Fitch said that loans with more than 60 months make up 41.31% of the pool, up dramatically from 16.21% in 2013-A. Longer-term loans can be exposed to higher loss severity because “loan amortization trails vehicle depreciation,” stated Fitch.   

Nissan also issued a $950 million auto lease deal, upsized from $750 million.

Nissan Auto Lease Trust 2014-B is backed by pool of closed-end vehicle leases on new Nissan and Infiniti brand vehicles. Barclays is the lead underwriter in the deal. The issuer sold the 2.2-year class A-3 notes at 27 basis points over interpolated swaps. The notes are rated ‘AAA’/ ‘Aaa’ by Fitch and Moody’s.

The issuer priced its last lease securitization, 2014-A, in June.  The ‘AAA’ rated notes with weighted average life of 2.29 years priced at 34 basis points over the interpolated swaps curve.

In credit cards, Discover came to market with a $1.2 billion deal, upsized from $500 million. Capital One also issued a $1.3 billion deal, upsized from $500 million. Both transactions were for three-year, fixed-rate classes and both priced at 26 basis points over interpolated swaps, according to research published by Barclays.

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