Auto ABS

Deals, trends and research in structured finance and asset-backed securities for the week of Sept. 18-24

Shares of the company surged 31% in New York on Tuesday after it projected record revenue and profit margins. The stock has rallied almost 150% this year as Americans have turned to buying household essentials, entertainment and, increasingly, used cars online.

Deals, trends and research in structured finance and asset-backed securities for the week of Sept. 11-17

The captive-finance lender for U.S. Mercedes-Benz deals closed on its second transaction of the year, and the first auto-lease ABS to price since July.

Deals, trends and research in structured finance and asset-backed securities for the week of Sept. 4-10

Both Moody's and DBRS Morningstar project elevated credit-loss levels for the auto lender, compared to prior deals, due to COVID-19 uncertainties

The captive-finance arm of General Motors is the first automotive lender this year to launch a securitization to finance inventories as dealerships rebound from COVID-19-related economic stresses.

The share of 78-month loans is at 14.9%, compared to approximately 10% in World Omni's previous issuance from its subprime/nonprime shelf.

For the second consecutive month, the average extension rate in June for troubled loans due to pandemic-related stresses on borrowers shrank in both prime and subprime loan sectors.

Tesla last week priced its latest auto-lease securitization at signficantly reduced spreads from its last deal—reflecting strong investor demand for TALF-backed securities and an improving outlook for the world's largest battery-electric vehicle (BEV) manufacturer.