ABS

Almost 54% of the leases issued through Santander Consumer's Chrysler Capital unit are for terms beyond 36 months, the highest-ever share of extended-term contracts.

Four months after debuting its prime-only shelf, the e-commerce used-vehicle retailer returns with a follow-up offering from borrowers with a pooled FICO average of 707.

The latest pool reflects Dell's migration toward larger, investment-grade corporate obligors for its securitizations, in place of riskier small and medium-sized business contracts.

Deals, trends and research in structured finance and asset-backed securities for the week of Feb. 26-March 4

Ratepayer bond securitizations have helped utilities defray litigation expenses or finance 'stranded costs' related to deregulation since the '90s . A new wave appears imminent, driven by green-energy conversion needs and relieving the burden of pandemic-related consumer assistance.

DBRS Morningstar and S&P Global Ratings each have lower projected net losses for the $1.1 billion Westlake Automobile Receivables Trust 2021-1 transaction, in comparison to the subprime auto lender’s prior $1.4 billion securitization that priced in October 2020.

Kroll reports the proceeds could include a shareholder distribution that would benefit majority owner The Blackstone Group.

BMW Financial Services is seeking to price a $1.45 billion bond package backed by closed-end, retail auto lease contracts. Toyota Motor Credit is making a $1.5B or $2.25B offering through its extended note platform.

Deals, trends and research in structured finance and asset-backed securities for the week of Feb. 19-25

The extension rates were the highest since the peak of lender deferrals granted in the wake of the COVID-19 outbreak.