Mercedez Benz is in the market with a $992.8 million auto-backed ABS while GMAC Mortgage is marketing a $458 million servicer advance-backed transaction.
The offering is called GMAC Mortgage Servicer Advance Funding Co Ltd. 2010-1. The deal's single tranche is expected to be rated by DBRS 'AAA.'
Other deals in the market reportedly include an equipment-backed deal from John Deere worth $708.2 million. Sallie Mae has also sold $1.22 billion of notes backed by student-loans, according to Bloomberg.
In other ABS deal news, Dollar Thrifty Automotive Group just completed a $200 million rental-car backed deal.
In a release, the company aannounced the offering called Rental Car Asset Backed Variable Funding Notes, Series 2010-1 is due September 2012. The scheduled amortization payments are due over a six-month period starting in April 2012.
The notes are rated 'AA' by DBRS and have an advance rate of around 65%. They bear interest at a spread of 275 basis points over the purchasing conduit's weighted average commercial paper rate with no upfront fees associated with the transaction.
The auto firm said that, as of March 31, it has repaid $200 million of its Series 2005-1 notes, and that the remaining $200 million outstanding under that series will be amortized through June 2010.
Its next scheduled fleet debt maturity startss in December 2010 when $600 million of its Series 2006-1 notes start amortizing over a six-month period ending in May 2011. Dollar Thrifty has no significant corporate debt maturities until June 2013 when its existing Senior Secured Term Loan comes due.
The Series 2010-1 Notes have not and will not be registered under the Securities Act of 1933, as amended, and may not be sold in the U.S. without registration or an applicable exemption from registration requirements.
"We are very pleased with this financing transaction as it provides the company with appropriate capacity for expected fleet purchases at a rate below those payable on our existing medium term notes," said Scott L. Thompson, the firm's president and CEO, in the release. "It also confirms that the Company is again able to access vehicle financing at competitive rates and enhancement levels and highlights our plan to lower the overall interest carry cost of our fleet consistent with our focus on return on assets."
Details on the Mercedez Benz, GMAC and Dollar Thrifty transactions are available via the link below from the ASR Scorecard database.