Canadian Tire Corp., Ltd. is planning a C$200 million credit card-backed single-tranche term offering of five-year notes through its Canadian Tire Receivables Trust (CTRT) which would likely price in mid-June.

The deal, which would be rated by Dominion Bond Rating Service (DBRS) and Canadian Bond Rating Service (CBRS), will be led by CIBC World Markets with ScotiaMcleod designated as co-lead. Those included in the syndicate in the third level are RBC Dominion Securities, BMO Nesbitt Burns, Merrill Lynch and National Bank Financial.

CTRT also came to market with a similar transaction in July 1999. The C$200 million, single-tranche offering of five-year notes, which was rated by both DBRS and CBRS, was also led by CIBC.

Another Canadian asset-backed deal, which was set to price last Friday, was Merrill Lynch's C$260 million commercial mortgage backed term transaction through its Merrill Lynch Mortgage Loans Inc. shelf. The offering was the third time the company issued from this particular shelf.

The multi-tranche deal, which was rated by Moody's Investors Service and CBRS, was part public and part private.

The public component was structured in four parts. It included two triple-A rated tranches: a C$79.8 million A-1 tranche and a C$131.4 million A-2 tranche. There was also a C$7.7million B tranche rated Aa2 and a C$8.3 million C tranche rated A2.

The deal had five additional classes and a "Class X" tranche, which was the interest only strip. These tranches were privately-placed.

In related news, last week Moody's released a presale report on the transaction.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.