The securitization market kicks off this week the way it usually does nowadays — with an auto ABS transaction.
Nissan Motor Acceptance Corp. is planning to sell a $1 billion deal called Nissan Auto Receivables 2012-B Owner Trust.
The collateral composition and credit quality of 2012-B are largely consistent with those of prior pools securitized by Nissan, with a weighted average FICO score of 764, Fitch Ratings said.
But the extended term contract (over 61 months) concentration has risen to 42.97% from 36.54% in the 2012-A deal.
The rating agency has assigned provisional ratings to the securitization. Class A-1, worth $265 million, has a provisional rating of ‘F1+sf’ while classes A-2 ($337 million), A-3 ($295 million), and A-4 ($103 million) each received a provisional rating of ‘AAAsf.’
Other transactions in the market include Springleaf's $858.5 million mortgage deal with Royal Bank of Scotland as an underwriter. Standard & Poor’s is rating the offering, according to Bloomberg.
Meanwhile, in CMBS land, Morgan Stanley and Bank of America filed an 8-K today with the Securities and Exchange Commission to potentially issue CMBS under Morgan Stanley Bank of America Merrill Lynch Trust 2012-C5. To view the filing, please click here.