The week kicks off with the usual auto deals, a timeshare ABS and a tobacco settlement revenue bond offering.
Minnesota Settlement Revenue Bonds, Series 2011 A and B is in the market. Fitch Ratings expects to rate the tobacco settlement revenue bonds that are being issued by the Tobacco Settlement Authority.
According to a presale report by the rating agency, this is the first deal issued by the state of Minnesota. The offering is backed by payments made from the settling defendants to the state under the Minnesota Agreement.
The Series 2011 A and B serial bonds will comprise roughly $502.38 million of fixed-rate current interest bonds, which will mature annually from March 1, 2014 though and including March 1, 2026.
Meanwhile, the 2031 term bond will have about $285.19 million current interest bonds, which is subject to a sinking fund schedule before the final maturity date of March 1, 2031.
Meanwhile, several auto deals are in the market. As previously reported by ASR, World Omni Financial Corp., CarMax Auto Finance and Harley-Davidson Credit Corp. (HDCC) are all selling their respective their auto asset-backed transactions.
DriveTime Automotive Group is also reporterdly marketing an auto offering this week.
World Omni is selling a $705 million auto receivables securitization. The deal has been rated by Moody's Investors Service.
The rating agency assigned provisional ratings of 'Prime-1' and 'Aaa' to the four classes of senior notes issued under the deal's capital structure. The rating agency also assigned provisional ratings of 'A2' to the subordinate notes.
Also marketing this week is a new auto loan ABS deal from CarMax. The deal, CarMax Auto Owner Trust (CAOT) 2011-3, is backed primarily by used-car and light-truck/SUV loans originated by the issuer.
CAOT 2011-3's capital structure offers investors four Fitch-rated 'AAA' pieces that total $613 million. The structure also includes a $13.65 million, 'AA' rated, Class B tranche; a $11.7 million, 'A' rated, Class C tranche; and an $11 million, 'BBB' class D tranche.
The motorcycle loan ABS called Harley-Davidson Motorcycle Trust (HDMOT 2011-2) is the second transaction issued by HDCC in 2011. It is worth $525 million.
The 2011-2 offering is backed by new and used motorcycles manufactured by one or more subsidiaries of Harley-Davidson or certain other manufacturers, according to the Fitch presale report.
The loans were originated by Eaglemark Savings Bank, which is an HDCC wholly owned subsidiary. HDCC will also be the servicer on the deal.
DriveTime might sell a 1.72-year, 144A auto ABS with joint leads Deutsche Bank Securities,Royal Bank of Scotland and UBS, according to Bloomberg.
The co-managers on the deal that is rated by Standard & Poor's and DBRS, Bloomberg said, are Jefferies and Wells Fargo Securities.
Following a transaction from Starwood Hotels, Wyndham Worldwide, according to the news service, is prepping a $250 million timeshare offering managed by Credit Suisse, Deutsche and RBS.
In CMBS, as reported earlier in ASR's monthly issue for November, this week the market is expecting the Wells Fargo/RBS CMBS worth $763.8 million to price.
Moody's just assigned preliminary ratings to the deal called WFRBS Commercial Mortgage Trust, Commercial Mortgage Passthrough Certificates, Series 2011-C. The transaction's certificates are backed by 75 fixed rate loans secured by 98 properties, the rating agency said.
In Canada, Moody's has assigned provisional ratings to notes from CNH Capital Canada, an affiliate of CNH Global.
The deal, which is called CNH Capital Canada Receivables Trust 2011-1, comprises the following: fixed-rate Class A-1 notes given a Moody's provisional rating of 'Aaa (sf)'; fixed-rate Class A-2 notes rated 'Aaa (sf)' and fixed-rate Class B notes rated 'A1 (sf)'.