Mercedes-Benz Financial Services (MBFS) is marketing an auto loan issuance of $1.25 billion. MBFS is a subsidiary of Daimler AG.

The transaction called Mercedes-Benz Auto Receivables Trust 2011-1 (MBART 2011-1) is backed by a pool of retail installment sales contracts and secured by new and used Mercedes-Benz automobiles and SUVs. MBFS is the originator and the underwriter of the transaction, according to a Fitch ratings presale report.

Royal Bank of Scotland (RBS), Citigroup Global Markets, and Societe Generale are the joint leads on the deal. Credit Agricole and Royal Bank of Canada (RBC) are co-managers on the offering.

Moody’s Investors Service gave provisional ratings of ‘(P) Prime-1 sf)’ to the deal's class A-1 notes and ‘(P) Aaa (sf)’ to classes A-2, A-3, and A-4 notes.

The V Score for this issuance is Low/Medium, which is equivalent to the score assigned to the U.S. prime retail auto loan ABS sector.

Fitch Ratings also assigned preliminary ratings of ‘F1+sf’ to class A-1 notes and ‘AAAsf’ to classes A-2, A-3, and A-4 notes.

Meanwhile, Nissan Motor Acceptance Corp. is also in the market with a $750 million auto lease securitization.

Joint bookrunners on the transaction are JPMorgan Securities, BNP Paribas and Citigroup. Co-managers on the offering are Barclays Capital, Bank of Tokyo-Mitsubishi UFJ, HSBC, Mizuho Securities, RBC, and RBS.

The deal  named  Nissan Auto Lease Trust 2011-A (NALT 2011-A ) is backed by a pool of closed-end retail automobile lease contracts and new Nissan and Infiniti vehicles, according to a Moody's presale report. 

Moody’s assigned preliminary ratings of ‘(P) Prime-1 (sf)’ to class A-1 notes and ‘(P) Aaa (sf)’ to classes A-2, A-3, and A-4 notes.

Moody’s analysts said that the Nissan ratings were based on the credit quality of the underlying collateral pool, the performance of prior originations from this sponsor, the servicing ability of NMAC, and the level of credit enhancement available under the proposed capital structure.

The V Score for this deal is Medium, which the rating agency said is in line with the average score assigned to the U.S. auto lease ABS sector.

Fitch also gave provisional ratings of ‘F1+sf’ to the deal’s class A notes and ‘AAAsf’ to classes A-2, A-3, and A-4 notes.

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