Toyota Plans Second Auto ABS of 2013

May 21, 2013, 9:47 a.m. EDT 1 Min Read

The new issue auto ABS pipeline this week includes a new deal from Toyoto Motor Credit Corporation, according a deal registration statement filed with the US Securities and Exchange Commission on Monday.

The preliminary filing did not list the size of the deal but it’s expected to include four classes of A notes and one B note tranche.

Toyota was last in the market in April, with its first deal of 2013 called Toyota Auto Receivables 2013-A Owner Trust. That deal saw strong appetite and was upsized to $1.25 billion from $1billion.

Toyota has issued asset-backed securities since 1993. The underlying assets are consumer retail installment sales contracts originated by authorized Toyota and Lexus dealers in the United States. TMCC acts as servicer for all the underlying retail installment sales contracts.

The annualized year-to-date pace of auto-related ABS issuance is $40.4 billion vs. $41billion during the first 5 months of 2012.

Along with the Toyota deal, this week a $904 million World Omni prime auto loan ABS and CarFinance’s $238 million subprime auto loan ABS are also in the market.

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