Having recently filed an amended S-3 form with the Securities and Exchange Commission, American Honda Finance is likely gearing up for its first auto loan-backed deal since January of 1999, said market sources.
According to the filing, the deals issued off the shelf will feature senior/subordinate credit enhancement, and will be structured in five parts: with class A-1 to A-3 and B-class notes, plus C-class certificates. The shelf has a capacity of $6 billion.
Honda last came to market in July of 1999, with a whopping $2.9 billion auto lease-backed transaction, which was managed by Credit Suisse First Boston. CSFB also managed Honda two prior transactions: a $700 million deal in January of 1999, and a $500 million deal in November of 1998, both backed by auto loans.