ABS issuers priced a number of deals that were issued outside the Federal Reserve’s Term Asset-Backed Securities Loan Facility (TALF).

Among the non-TALF deals were World Omni Financial Corp.’s $917 million auto lease receivable deal. The structure offered two triple-A rated tranches. The $241 million triple-A piece priced at 25 basis points and the second triple-A piece valued at $198 million priced at 35 basis points.

Volkswagen’s $1.38 billion non-TALF auto loan securitization, Auto Loan Enhanced Trust 2010-1, also priced.  The deal was jointly managed by Deutsche Bank and RBS Securities. The co-managers on the deal were Bank of America Merrill Lynch, Barclays Capital, Citigroup, HSBC and JPMorgan Securities.  The deal was structured with three triple-A pieces offering $297 million, $488 million and $248 million, which priced at 17basis points, 22 basis points and 32 basis points respectively.

Discover issued its latest $750 million deal, Card Master Trust I, Class A (2010-1) Note as a non-TALF deal. The deal priced the single triple-A tranche in line with price guidance at 65 basis points.

Massachusetts Educational Financing Authority priced its $407 million deal backed by private student loans. The deal was managed by Morgan Stanley and offered investors a capital structure divided into three tranches – the class A piece offered $316 million, the class B offered $45 million and the class C note offered $46 million. No pricing information was available.

Ford Motor Credit Co. is also marketing its $1.02 billion, Ford Credit Auto Lease Trust 2010-A deal as a non-TALF deal.

After PHH Vehicle Management Services' Fleet Leasing Receivables Trust 2010-1 priced on Jan. 27, another auto lease offering called ARI Fleet Lease Trust 2010-A has also come to market. The $500 million deal is lead managed by Bank of America Merrill Lynch and JPMorgan Securities.

From Europe, BMW priced its auto deal to kick start the ABS market. The deal, Bavarian Sky S.A. Compartment 2, included two floating rate notes; a $742 million triple-A tranche that priced at 85 basis points over the one month-Euribor and the $58 million single–A rated tranche priced at 105 basis points.  Societe Generale and West LB were named as lead managers on the deal.

Lloyds TSB Corporate Markets is marketing its ₤200 million ($322 million) Permanent Master Issuer plc 2010-1 notes and offered price guidance on the issue this week. The deal is managed by Bank of America Merrill Lynch and JPMorgan. Price talks for the Euro notes came in at 125 basis points and 125 basis points to 130 basis points for sterling bonds.

 TALF Deals Make the Rounds

Some TALF-eligible deals made the rounds this week as well. Nissan Motor Acceptance Corp. had its $750 million TALF-eligible dealer floorplan securitization in the market. Nissan Master Owner Trust Receivables, Series 2010-A is jointly managed by Bank of America Merrill Lynch and Barclays Capital.  It has launched at 115 basis points over one-month Libor.  

Cabela’s, a retailer specializing in hunting and fishing equipment, plans to sell $300 million in bonds backed by credit-card payments, according to market reports. The $255 million top-rated portion is eligible for TALF.  

Navistar International Corp. also has a $200 million equipment floorplan-backed bond that is TALF eligible.

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