Nissan Motor Acceptance Corp. (NMAC) is issuing a $1.04 billion transaction under its Nissan Auto Receivables Owner Trust (NAROT).

Bank of America Merrill Lynch, RBS Securities, Deutsche Bank Securities are managers on the transaction. Meanwhile, BNP Paribas, Mitsubishi UFJ Securities Co. Societe Generale Corporate & Investment Banking, JPMorgan Securities, HSBC Securities, and Credit Agricole Securities are co-managers on the auto offering.

The deal, which is rated by both Moody's Investors Service and Fitch Ratings, is backed by retail auto loan receivables financing the purchase of new and used Nissan and Infiniti cars and light-duty trucks manufactured by NMAC’s parent Nissan Motor Co. and originated by NMAC.

Nissan Auto Receivables 2011-A Owner Trust includes a $210 million, Class A-1 piece rated 'F1+sf' by Fitch. It is also offering a Fitch-rated 'AAAsf', $318 million Class A-2 note; 'AAAsf', $253 million class A-3 tranche and a 'AAAsf', $218mn class A-4 tranche. class A-1 notes are money market eligible, and the class A-2, A-3, and A-4 notes will be publicly offered. The certificates will be held by an affiliate of NMAC and are not rated by Fitch. All four classes of notes will pay interest at a fixed rate. The receivables are serviced by NMAC. The proceeds from the transaction will be used for general funding purposes.

For further preliminary information on this NAROT deal, please click on the link below from the ASR Scorecards database.

Also joining the growing pipeline for primary auto ABS paper is a new deal issued by BMW. The transaction called BMW Vehicle Lease Trust 2011-1 will offer $750 million of fixed-rate notes.

The notes will be backed by a pool of closed-end vehicle leases, all of which are new vehicles manufactured by BMW and originated through BMW Financial Services (BMW FS), a wholly owned subsidiary of BMW of North America (BMW NA).

The capital structure, which is rated by Fitch, offers $180 million, Class A-1 notes rated 'F1+sf'; $252 million Class A-2 notes rated 'AAAsf'; $270 million Class A-3 notes rated 'AAAsf' and $48 million class A-4 notes rated 'AAAsf'.

The transactions are the 39th to be issued by NAROT and the fifth public auto lease ABS deal issued by BMW, according to Fitch presale reports.

Outside the auto sector, John Deere is in the market with John Deere Owner Trust 2011. The over $1.15 billion transaction is backed by fixed-rate retail loans secured by agricultural and construction equipment, according to a Moody's presale report.

BofA Merrill Lynch, Citigroup Global Markets, BBVA, BNP PARIBAS, Mitsubishi UFJ Securities, and Santander are underwriters on the offering. Moody's and Fitch are rating the offering.

The deal's receivables are serviced by John Deere Capital Corp., which is the captive finance unit and wholly owned subsidiary of Deere & Co. Deere Credit Services, which is an indirect wholly owner subsidiary of Deere, is the subservicer, Fitch said in a presale report on the deal.  

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