Santander Consumer is in the market with an auto deal under its Santander Drive Auto Receivables Trust 2011-4. The company filed with the Securities and Exchange Commission (SEC) for a $750 million offering.
Underwriters on the ABS are JPMorgan Securities, Deutsche Bank Securities, and Satander. Additional managers only for the deal's Class A notes are Citigroup Global Markets and Wells Fargo Securities.
For the complete SEC filing, please click
In other auto deal news, Dollar Thrifty Automotive Group announced that its Rental Car Finance Corp. unit completed the early renewal of its Series 2010-3 Asset Backed Variable Funding Notes. Together with the renewal, available capacity under the conduit facility increased to $600 million from $450 million, and the revolving period under the facility was extended to a two-year tenor from being a 364-day structure. Additionally, the advance rate was increased from roughly 65% to around 69%.
Meanwhile, in student loan land Sallie Mae is also offering an $817 million offering under its SLM Student Loan Trust 2011-3. The four-tranche deal is managed by JPMorgan and Royal Bank of Scotland.
For the filing on the offering, please check this
There has also been marked activity in the CMBS space. The latest deal to hit the primary pipeline is a $609 million deal issued by Deustche Bank.
The offering is backed by commercial property loans funded with floating rate mortgages. According to a Bloomberg report, the properties include Hotel del Coronado, an oceanfront property near San Diego, and the Standard Hotel in Manhattan.
Price talk on the triple-A notes came in at around 250 basis points of Libor, according to a Dow Jones report. The deal is expected to price next week.
In Europe, Nationwide Building Society is planning to launch a U.K. prime RMBS deal from its Silverstone Master Trust, according to a Dow Jones report.
The new transaction is slated to be structured with three- and five year triple-A rated notes.
Bank of America Merrill Lynch, Barclays, JPMorgan and UBS have been mandated as lead managers on the deal, according to the report.
