Fitch

The rental car giant is more dependent than ever on asset-backed financing after being downgraded in May, making high yield bond issuance prohibitively expensive.

Ford Motor Credit, GM Financial and Fifth Third Bancorp are marketing a combined $3.4 billion in prime auto loan and lease asset-backed securities, according to presale reports published Thursday.

The loans, which average 15-year terms, were originated by Vistana and Hyatt Vacation Ownership. Fitch Ratings notes a slight decline in borrower credit quality, and expects a slightly higher default rate.

The new Motel 6/Studio 6 deal is collateralized by the fee income of a refi commercial loan, as well as cash-flow pledges from company-owned and franchised properties.

Fannie Mae and Freddie Mac will adjust their risk-sharing deals so that they can accommodate high loan-to-value loans refinanced under the programs replacing the Home Affordable Refinance Program.

The pricing of BlueMountain Fuji's second-ever transaction pushed the monthly new issuance total to $10.1 billion - only the third time since last November the market has eclipsed the $10 billion barrier.

The GMF Floorplan Owner Revolving Trust 2017-3 transaction is the second transaction backed by dealer inventory finance receivables to be issued by the captive lender this month.

Marjan van der Weijden, an 18-year veteran of the company based in London, Is taking over Duignan’s former role as global group head of structured finance and covered bonds.

BA Credit Card Trust 2017-2 is an offering of three-year of Class A notesinitially sized at $500 million; it comes six months after the bank's initial trip the securitization market of the year, which raised $2 billion.

Average FICOs are declining in both lenders' pools, and Nissan Motor Acceptance Corp. is including more borrowers with sub-700 scores in its prime portfolio than in three prior auto-loan securitizations.