Santander Consumer USA is in the market with Santander Drive Auto Receivables Trust 2011-1(SDART 2011-1). The eight-tranche offering, which is over $800 million, is backed by auto receivables.
The deal is Santander Consumer’s fourth securitization this year and twelfth securitization of auto receivables originated via the former Drive Financial Services platform since Banco Santander bought Drive in December 2006, according to a DBRS presale report.
The offering represents Santander Consumer’s 24th securitization since the spin-off of Drive Financial from FirstCity Financial and the 30th transaction overall that contains loan originations generated under the Santander Consumer/Drive/FirstCity platform. DBRS reported that Santander Consumer’s management and operating philosophy are still consistent with its predecessor firms, Drive and FirstCity Funding.
The deal also includes receivables acquired from HSBC through Santander Consumer’s strategic partnership with HSBC, Citi Financial and Triad Financial Corp. , DBRS said.
The offering will comprise five classes of notes: Class A (tranched into three sequential portions: Class A-1, A-2 and A-3), Class B, Class C, Class D and Class E. Class A through Class D are public tranches while Class E will be placed as a 144A, DBRS stated.
Ally Bank is also in the market with Ally Auto Receivables Trust (AART) Series 2011-2. Fitch Ratings said that this is the ninth transaction issued and sponsored by the firm, which was previously GMAC Bank.
The seven-tranche offering, which is worth $802 million, is backed by a pool of new and used automobile and light-truck loans originated and acquired by Ally Bank directly from dealers pursuant to agreements with General Motors Co., Chrysler Group, and affiliated and non-affiliated GM dealers.
According to the rating agency, the Class A-1 notes will be money market eligible while the class A-2, A-3 and A-4 notes will be publicly offered. The Series 2011-2 also comprises a new portion of class D notes, which will offer credit enhancement to the senior classes, Fitch reported. The class B, C, and D notes are privately offered. All seven classes of notes pay interest on a fixed-rate basis. The deal's proceeds will be for general funding purposes.
Ally Financial will service this auto ABS, and its subsidiary called Ally Servicing (previously Semperian) will be the subservicer, offering collection and administrative services for the servicer. This is in keeping with previous AART transactions.
As previously reported by StructuredFinanceNews.com, World Omni Financial Corp. is in the market with a $716.8 million auto lease ABS under its World Omni Automobile Lease Securitization Trust 2011-A.
Joint bookrunners on the transaction are Bank of America Merrill Lynch, Deutsche Bank Securities and Morgan Stanley.
The five-tranche offering will be backed by a pool of closed-end leases on new vehicles manufactured by Toyota Motor Corp. The leases were originated by World Omni, which is also 2011-A's servicer and sponsor, according to Fitch.