A trio of auto securitization deals were announced today. Nissan Motor Co. is marketing a $1 billion bond, BMW AG (BMW.XE) a $750 million deal and AmeriCredit Auto Receivables Trust a $700 million bond.
Moody's Investors Service rated all three of the transaction.
Nissan Auto Receivables Trust 2010-A Owner Trust (NAROT 2010-A) is Nissan's first public retail issuance since March 2009. Moody's cumulative net loss expectation is 1.25% and Volatility Proxy 'Aaa' Level is 6.25% for the NAROT 2010-A asset pool.
AmeriCredit Automobile Receivables Trust 2010-3 (AMCAR 2010-3) is a securitization of subprime-quality retail installment auto loan contracts originated by AmeriCredit. This transaction is AmeriCredit's fifth overall and third senior-subordinate retail issuance of the year. Moody's cumulative net loss expectation is 13.00% and Volatility Proxy 'Aaa' Level is 44.00% for the 2010-3 asset pool.
BMW Vehicle Lease Trust 2010-1 represents BMW Financial Services NA, LLC"s fourth publicly registered transaction backed by auto lease receivables since 2000. It is a sequential pay structure among the Class A notes, and the certificates representing the equity interest in the transaction will be retained by the depositor. Moody's 'Aaa' Volatility Proxy for the 2010-1 auto lease pool is 25%.