AmeriCredit Financial Services and Ford Motor Credit Co. are both in the market with their respective auto ABS deals.

The $1.137 billion six-tranche Ford Credit Auto Owner Trust 2011-A  (FORDO 2011-A) is jointly lead by Citigroup Global Markets, Barclays Capital and JPMorgan Securities. Co-managers on the transaction are Goldman Sachs and HSBC. The deal is expected to price within this week.

The $800 million seven-tranche AmeriCredit Auto Receivables Trust 2011-1 is selling the deal's Class E as a 144A offering. The auto securitization, which is expected to price mid-week, is rated by Moody's Investors Service and Standard & Poor's.

Bookrunners on the offering are Credit Suisse, Barclays and Wells Fargo. The co-managers on the auto ABS Deutsche Bank Securities, JPMorgan and Royal Bank of Scotland (RBS).

For a prospectus on the AmeriCredit offering, please click on this link.

Indeed, the auto ABS sector is filling up the ABS pipeline in 2011. Last week, Hyundai Capital America came to market with a $920.78 million six-tranche offering under its Hyundai Auto Receivables Trust Series 2011-A. RBS was the underwriter on the offering.

Santander Consumer Acquired Receivables Trust (SCART 2011-WO)has a $797 million offering while First Investors Financial Services had a 144A auto ABS transaction called First Investors Auto Owner Trust 2011-1.

The Santander 144A transaction has four classes of notes: Class A (tranched into three sequential tranches – Class A-1, A-2, A-3 and A-4), Class B, Class C and Class D , according to A DBRS presale report.

This is Santander Consumer’s first securitization in this year and its 27th deal overall, DBRS said It is the first securitized offering that the auto firmhas done backed solely by receivables originated via its forward flow arrangement with World Omni Financial Corp.

Earlier in the year, Ally Bank priced its originally $500 million auto floorplan transaction under its Ally Master Owner Trust Series 2011-1. The transaction was eventually upsized to $1.25 billion.

Auto ABS is on its way to be the top sector in terms of issuance for the 1Q11. In 4Q10, autos ended up with $11.1 billion worth of issuance, according to figures from Barclays Capital. Meanwhile, credit cards had $6 million, student loans $3 billion, and equipment ABS $1.2 billion.

 

 

 

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