Many deals priced ahead of today’s deadline for investors to request loans from the Federal Reserve to purchase debt backed by consumer and small-business loans through its Term ABS Loan Facility (TALF).

About $15 billion in ABS debt were sold this month, marking the highest total since June, according to Bank of America data.

Citigroup sold $2.85 billion in bonds backed by credit-card payments. The largest class was a $1.6 billion 4.93-year bond that priced to yield 275 basis points more than the one-month London interbank offered rate. A basis point is 0.01 percentage point.

American Express Co. sold its $1.25 billion credit card deal that has price guidance in the area of 140 basis points over the one-month London Interbank Offered Rate. The credit card loan-backed deal sold at 125 basis points over one-month Libor. The deal was increased in size from an original $1 billion. Joint leads on the current deal were Barclays Capital, JPMorgan Securities and RBS Securities.

Discover Financial Services' (DFS) $1.3 billion credit card securitization priced. The deal, DCENT 2009-A2, was increased in size from an original $1 billion. It sold at 130 basis points over one-month Libor.  

 Big Month for Autos

Auto issuance dominated the list of deals that have come to market for the TALF's Sept. 3 subscription date.

Bank of America, Nissan Motor Acceptance Corp., Hyundai Capital America, Ford Motor Credit Co., and Ally Bank have all brought deals to market.

Ford has a $2.074 billion auto ABSl. Its largest triple-A piece, worth $805 million, priced at 90 basis points over a short term futures benchmark.

Bank of America’s $3 billion offering backed by auto loans was increased in size from $2 billion. The largest portion of the transaction is for $1.1 billion of top-ranked 1.99-year debt that priced to yield 85 basis points more than fixed-rate benchmarks.    

Nissan is in the market with a $1.024 billion auto-loan-backed deal. The deal,  NALT 2009-B, priced its largest triple-A rated tranche worth $423 million and with a duration of 1.74 years sold at 95 basis points over a short-term futures benchmark.

Hyundai’s  $1.32 billion deal, dubbed Hyundai Auto Receivables Trust, HART 2009-A, is Hyundai's first securitization of the year.

Meanwhile, an auto lease deal — Chesapeake Funding  LLC  2009-2 — is also in the market. The deal Chesapeake PHH 09-2  saw its triple-A piece worth $850 million sold at 175 basis points over the one month Libor.

GMAC’s Ally Bank also sold its $941 million automobile loan-backed deal, Ally Auto Receivables Trust, or AART 2009-A. Price guidance ahead of pricing yesterday saw its largest triple-A portion worth $320 million with a duration of 1.17 years is in the 75 basis points over a short-term futures benchmark area.  

General Electric Capital Corp. has a $618.4 million deal, backed by equipment loans like those secured by transportation, industrial and construction equipment. Joint leads are Bank of America Merrill Lynch and Barclays Capital.

Pricing details on these offerings are available via the link below from the ASR Scorecard database.


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