Auto ABS

Moody's believes that rules grandfathering existing transactions increase the risk that these deals could be left unhedged; it may downgrades some European RMBS and U.S. student loan-backed securities.

Lower average FICOs and fewer loans to higher-qualified buyers are among the reasons DBRS has assigned a higher loss level to Westlake's latest transaction.

Chesapeak Funding II 2017-3 II is only the second transaction Element has launched since merging its fleet securitization platforms earlier this year.

Loans with terms between 73 months and 75 months comprise 15.6% of the collateral for DRIVE Auto Receivables Trust 2017-2, up from 0.5% in 2017-1; yet Moody's Investors Service is holding its loss expectations stable.

The collateral has the highest concentration of longer-term loans of any Toyota deal to date: 42.6%; that's up 3.7 percentage point from the sponsor's previous deal.

Fitch Ratings expects net losses to reach 1.45% over the life of the deal, down from prior deals, thanks to the introduction of a selection criteria that stipulates a minimum FICO score of 650.

The Series 2017-F1 transaction is secured by receivables from CAN$1.78b in dealer advances; the senior tranche of notes earned triple-A from both Moody's and DBRS.

The percentage of obligors in the $512 million deal with investment grade credit rating has fallen from that of the previous transaction, but credit enhancement is higher.

The senior term tranches to be issued by CarMax Auto Owner Trust 2017-3 have initial credit enhancement of 7.61%, up from 6.85% and 5.45% in its two prior deals.

The senior notes benefit from initial credit enhancement of 29.5%, nearly three percentage points higher than the same tranche of the sponsor's previous transaction.

Loans between 61 and 72 months at origination decreased to 49.5% of the collateral for GM's latest transaction, down from 51.3% from the sponsor's April deal.

The first Bavarian Sky securitization of Swiss BMW auto leases since April 2013 will be split between Euro and Swiss franc (CHF) denominations.

It's the sponsors fourth securitization, and includes 33,972 contracts to small and medium-sized companies as well as to government clients.

Two more subprime auto lenders, Westlake Financial Services and Flagship Credit Acceptance, are making their first trips of the year to the securitization market.