Nissan Files S-3 with SEC

Nissan Motor Acceptance Corp. has filed an S-3 with the Securities and Exchange Commission to issue under its Nissan Auto Receivables Owner Trust.

The filing was for issuing up to eight classes of notes. The trust will also issue certificates that represent fractional undivided interests in the issuing entity.

In other deal news, the pricing on GE Capital Credit Card Master Note Trust Series 2012-4 was filed with the SEC this afternoon.

Meanwhile, John Deere Capital Corp. (JDCC) also priced its $1.03 billion transaction called John Deere Owner Trust 2012-B (JDOT 2012-B) this afternoon, according to Bloomberg. 

The news service said that the joint leads on the transaction are Bank of America Merrill Lynch and Citigroup Global Markets. Co-managers are Barclays Capital and Royal Bank of Canada. Moody's Investors Service and Fitch Ratings rated the deal.

In its presale report, Fitch said that the notes are backed by retail installment sale and loan contracts backed by new and used agricultural and construction equipment originated by JDCC, which is also the servicer on the transaction. JDCC is the captive finance unit and wholly owned subsidiary of Deere & Co.

Deere Credit Services, an indirect, wholly owned unit of Deere, is the subservicer.

JDOT 2012-B is the third offering to be backed by 75% agricultral equipment, Fitch said. Even though historical losses have been low in the agricultural equipment sector, a high concentration in the pool limits diversification and exposes the trust to other factors including natural disasters, the rating agency explained. But, geographic diversity helps to lessen the effects of high concentration.