Nordstrom is in the market with a private-label credit card deal underwritten by the Royal Bank of Scotland. The securitization is called Nordstrom Credit Card Master Note Trust II – Series 2011-1.
The Standard & Poor's-rated transaction is backed by receivables originated by Nordstrom in Nordstrom private-label credit card accounts and 90% participation interest in receivables in Nordstrom Visa credit card accounts.
S&P assigned preliminary ratings of 'AAA' to the offering's Class A notes with 20.25% credit support. It did not rate the transaction's Class B notes worth $31.034 million (12% credit enhancement) and Class C notes worth $45.142 million.
GE Capital is in the market with a $458.62 million securitization called GE Equipment Small Ticket Series (GEEST) 2011-2.
The notes will be backed by commercial finance leases on different types of equipment originated by General Electric Capital Corp. (GECC), according to a Fitch Ratings presale report.
GEEST 2011-2 iss GECC’s sixth small ticket equipment term ABS with the most recent transaction, GEEST 2011-1, closing in February 2011, the presale said.
In other deal news, Bloomberg reported that shipping container company Cronos Containers plans to come to market this week with a $150 million offering that might price tomorrow or Wednesday.
The report said that the bookrunners on the 144A are Credit Suisse, BNP Paribas, and Deutsche Bank Securities.
As previously reported by ASR, Volkswagen is slated to come to market this week with its auto lease deal. For the full story on the transaction, click this link.