Aside from Ally Bank's auto deal, Hyundai Capital America (HCA) is in the market with a $1 billion prime auto loan ABS called Hyundai Auto Receivables Trust (HART) 2011-B.
The deal is backed by prime-quality retail installment auto loan contracts originated by HCA, according to a presale report from Moody's Investors Service, which rated the offering along with Standard & Poor's.
The presale from Moody's said that HCA has issued 13 deals since 2001. This is their second public retail issuance in 2011. The auto securitization is structured as an amortizing owner trust,
The lead managers on Hyundai's transaction are Bank of America Merrill Lynch, HSBC Securities, and Societe Generale Corporate & Investment Banking
Co managers on the auto deal are JPMorgan Securities, Citigroup Global Markets, Mizuho Securities Co. and RBC Capital Markets.
Aside from autos, a student loan deal called Panhandle-Plains Higher Education Authority 2011-1 (PPHEA 2011-1) is the market. The $483.2 million FFELP-backed offering is underwritten by Bank of America Merrill Lynch. The three tranche deal is rated by S&P and Fitch Ratings.