Prime auto ABS

The single-B rated company is facing a large cash requirement as it ramps up production of its Model 3; but leases backed by electric vehicles pose additional risks for investors in asset-backeds.

The deal is the first vehicle loan securitization for the London affiliate of South Africa's FirstRand Group since November 2016.

The captive finance lender for Toyota dealers in the Southeast U.S. returns with its 11th overall transaction sized at $800 million, with a potential upsizing to $1B.

The first prime auto-loan securitizations for Ally Bank and captive-finance lenders for Toyota and Ford total $3.5-$4B, according to rating agency presale reports.

Initial expectations for cumulative net losses on the $1.15 billion transaction are higher than those of the sponsor's three prior deals, according to credit rating agency reports.

BMW Financial Services is launching its first U.S. auto-loan securitization in two years, while Daimler AG's U.S. captive finance arm is proposing a $1.3 billion to $2 billion pooling of luxury auto leases.

The $1.24 billion deal is the first GMCAR transaction to be rated by Fitch; it looks a lot like the three deals completed last year, with high FICOs, a high (but declining) concentration of long-term loans, and high concentration of trucks.

The two prospective pools of loans have nearly identical average FICO scores (769 for the $1 billion pool, 770 for the $1.25 billion) and weight average APR (2.13% and 2.11%, respectively).

Juniper Receiveables DAC, a new offshore shelf for Ally U.S. auto-loan receivables, has received an early 'Baa3' rating from Moody's Investors Service on its initial $530 million issuance.