Fitch

CarMax, BMW, Santander and Credit Acceptance Corp. all launched deals Thursday; they add to the $35 billion in prime auto, $12.31 billion in prime lease, and $19.4 billion in subprime auto loan ABS so far this year.

Issuing bonds backed by credit-card receivables was formerly a bi-annual occurance for First National Bank of Omaha. This year, FNBO has served up a pair of transactions of its direct-issue and co-branded cards.

The deal does not even merit a BBB-plus, according to Fitch, which cites insufficient credit enhancement, exposure to high-risk obligors, and the servicer's lack of experience.

Select Portfolio Servicing grew its mortgage servicing rights portfolio by over 14% in the second quarter by targeting opportunities in the nonagency loan market.

The new master-trust issuance of Visa and Mastercard receivables from accounts originated and serviced by the lender builds the year's bank-card ABS volume to nearly $38 billion.

The French specialty lender, owned by a consortium of mutual insurers, is pooling over 54,000 loans it originated and services for clients of its shareholders.

Nissan's second U.S. lease-securitization of 2017 pools more than 71,000 contracts with $1.5 billion outstanding on cars, SUVs and cross-overs. Delinquencies remain low, but residual values are growing volatile.

Ford Motor Credit's second master trust issuance funding its dealer inventory financing has pushed floorplan ABS industry-wide past $8.5 billion, the busiest year for the asset class since 2014.

The total includes over $78 billion in new transactions; collateralized loan obligations issued post-crisis have lmited exposure to Toys R Us, which filed for bankruptcy last week.

Credit enhancement for the senior, triple-A-rated notes is in line with recent Honda transactions, but the pool of collateral is concentrated (12%) in Texas and Florida, making it vulnerable to economic disruption from hurricanes.