Auto ABS

The $350 million GLS Auto Receivables Trust 2019-2 transaction is being issued on the heels of the lender's record $453.2M 1Q volume in originations.

Two deals Exeter completed in 2018 are performing worse than Moody's expected so its looking for additional losses on this deal; S&P sees losses in the same range as four prior deals.

The regional direct lender caters to very risky and highly leveraged borrowers (507 FICO, 163.95% LTV), but is offering relatively little credit enhancement compared to its peers.

The company spun out of DriveTime is paying for the privilege, however; it's offering 50.3% credit enhancement on the senior notes of the $338 million deal rated by Kroll.

The company controlled by Emerald Development Managers has already ceased originating; S&P has notes from a 2016 securitization on watch and Kroll is monitoring the situation.

The $1 billion DRIVE 2019-2 is backed by loans with slightly weaker credit metrics than the lender's prior deal, forcing it to increase credit enhancement.

Nissan's is offering fewer investor protections than on its prior four securitizations; NextGear is set to close on its 10th securitization of floorplan receivables of mostly independent used-car dealers.

More than 83% of the vehicle-lease value in Ford Motor Credit's $1.1 billion lease securitization is tied into trucks, minivans and utility models.

CIG is marketing $161.9 million in bonds backed by auto loans made through independent dealers, while RAC is placing a $174.5 million securitization of used-car leases.

GM Financial is front-loading the $1.2 billion deal with early maturities, according to presale reports; Hyundai Capital is also readying a $710 million transaction.