Nissan Motor Acceptance Corporation is in the market with the first prime auto loan securitization of 2013, the $1 billion deal, Nissan Auto Receivables 2013-A Owner Trust, according to a presale report from Fitch Ratings.
Fitch has assigned the $237 million of class A-1 notes an ‘F1+’ rating; the $315 million of class A-2 notes a ‘AAA’ rating; the $306 million of class A-3 notes a ‘AAA’ rating; and the $142 million of class A-4 notes a ‘AAA’ rating. Citigroup, HSBC and Societe Generale are lead underwriters on the deal, which is expected to close Jan. 16.
The 2013-A transaction is backed by the receivables from loans for new and used Nissan and Infiniti cars and light-duty trucks manufactured by Nissan Motor Co., Ltd. (Nissan) and originated by NMAC.
According to the presale report, the majority of Nissan Auto ABS deals, dating back to 2006, have performed well, with cumulative net losses of less than 1.0%, except for 2009-A, which has the highest CNL to date at 1.02%. Transactions issued in late 2009-2011 are exhibiting improved performance with some of the lowest loss rates to date, similar to pre-recessionary levels.