The New York-based ABS term group at Westdeutsche Landesbank Girozentrale (West LB) recently brought first-time issuer SeaWest Financial Corp. to market, in a $71.4 million securitization backed by subprime auto loans.

This is the West LB's first visible term deal since it formed a U.S.-based term origination team last year, following a seven-member migration from Rothschild, Inc.

SeaWest Securitization I, which was co-managed by PNC Capital Markets, priced on Dec. 17 and closed on Dec. 20. Financial Security Assurance wrapped the notes to a triple-A, and Royal Indemnity Co. provided first loss protection. The deal priced at 115 basis points over EDSF.

"We were pleased with the year-end execution for a first time issuer," said Jeffrey Kramer, co-head of the term origination effort West LB.

Both West LB and PNC, via its conduit Market Street Funding, provide warehouse lines to SeaWest, a Paramount, Ca-based auto lender. For West LB, establishing warehouse financing and using its various ABCP facilities is part of its term strategy.

"Our pipeline looks very good," Kramer said. "Last year we closed several warehouse deals which will lead to term securitization activity this year and going forward."

Meanwhile, West LB is adding Liyin Liang as an associate director in its term group, specializing in transaction execution. Liang, who most recently worked in the ABS group at JPMorgan, will report to Kramer and his co-head, Brian Statfeld. Liang is expected to start at the end of January.

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