Investors will get a shot at picking up U.K. subprime paper via the new securitization of assets that were originated by GMAC Residential Funding Co.
The deal, Aggregator of Loans Backed by Assets (ALBA) 2012-1 PLC, is an SPV incorporated in England and Wales. According to a Bloomberg report, the deal will be sized at £180 million ($282 million).
Fitch Ratings has assigned an expected ratings of 'AAA' for the class A notes. The expected ratings are based on the quality of the collateral, which Fitch believes will perform in line with non-prime collateral originated pre-crisis in the U.K.
Also marketing this week is a Swiss franc 300 million ($326 million) Swiss auto lease ABS from GE Money Bank.
This is the first public securitization by GE Money. Moody's Investors Service has assigned the single-tranche offering a provisional rating of 'Aaa'.
The transaction is a three-year revolving cash securitization of auto lease and dealer receivables covering residual value cash flows. Lease contracts are extended to lessees in Switzerland by GE Money, which is a subsidiary General Electric Co.