Wells Fargo Bank has filed an S-3 with the Securities and Exchange Commission to issue under its Wells Fargo Mortgage Securities Trust.
Potential issuance from the trust might comprise seventeen classes of senior certificates and six classes of subrodinated certificates, according to the filing.
The future offerings from the program should be backed by a pool of fully amortizing, one- to four-family, fixed interest rate, non-relocation, residential first mortgage loans, most of which have original terms to stated maturity of around 30 years.
To view the full filing, please click on this link.
In other deal news, the $4.058 billion securitization of the National Credit Union Administration (NCUA) is in the market. The three-tranche deal, which is managed by Barclays Capital, is rated by both Moody's Investors Service and Fitch Ratings.
The proceeds from the offering will be for buying a static portfolio of private-label RMBS that were previously owned by five different credit unions that were taken into conservatorship by the NCUA board since March 2009, according to a Fitch presale report released today.
The RMBS' three tranches comprises two parts backed by all floating-rate assets and the other containing all fixed-rate loans.
NCUA will issue the deal in three series, each represented by a senior note and an owner trust certificate to be retained by the NCUA. Series I (with $1.548 billion of senior notes) and series II (with $1.6 billion of senior notes ) will be backed by floating-rate RMBS, while series III (with $370 million of senior notes) will be backed by fixed-rate RMBS. There will be no cross-collateralization between the three series, according to Fitch.
The rating agency’s ratings of the senior notes are credit-linked to the U.S. government's rating. Fitch said that the NCUA which is unrated, will offer a full and unconditional guaranty of timely payment of interest and principal to each class of senior notes.
As part of the U.S. government's executive branch, the NCUA’s obligations under the guaranty agreement are backed by the full faith and credit of the U.S. government, Fitch stated.
Additionally, Standard & Poor's today released a presale report on Bluegreen Corp.'s timeshare securitization called BXG Receivables Note Trust 2010-A. The deal is managed BB&T Capital Markets.
The offering, which is worth over $120.8 million, has two classes of fixed-rate notes that will pay interest and principal monthly. The class-A tranche is worth $96.645 million while the class-B portion is worth $24.161 million.
Bluegreen is one of the biggest vacation ownership interval (VOI) developers and managers in the country. Compared with many developers that have resorts in "destination" locations, most of the company's resorts are regional. These "drive to" locations, which are within a few hours by car from major U.S. metropolitan areas, comprise most of Bluegreen's resorts, according to S&P.
In other parts of the world, Capital Finance Australia, which his the Australian subsidiary of Lloyds Banking Group, is in the market with a A$367.5 million ($363.7 million) of bonds backed by auto loans under it Bella Trust program.
The Series 2010 deal is managed by Lloyds TSB Bank, Macquarie Securities, and Westpac Banking Corp. The collateral of the deal comprises motor vehicles with a weighted average seasoning of 13.5 months, according to a Fitch presale report. The portofolio's geographical distribution is somewhat focused on the Australian east coast in line with the country’s general population distribution.
According Fitch, this is the third auto loan deal from Capital Finance Australia. The notes will be issued by BNY Trust Co. of Australia as trustee for the issuer.
Further preliminary details on the BXG and Bella transactions are available via the link below from the ASR Scorecards database.