Prime auto ABS

Nissan’s deal is backed by loans and will be sized at $1 billion or $1.3 billion, depending on demand. Hyundai Capital’s $1 billion transaction is backed by leases ranging from 24 to 48 months.

For the fifth time since early 2016, American Honda Finance is hedging on oversubscribed demand for its prime-loan receivables-backed notes with a potential upsizing.

The transaction is backed by nearly three times as many Audi, Volkswagen and Skoda as VW's previous UK auto-loan ABS; it also features a longer revolving period.

Nearly 52% of the pool in the captive-finance company's first 2018 vehicle-lease securitization involves contracts for popular crossover models like the Chevrolet Equinox, the GMC Acadia and Cadillac XT5.

It's deep and liquid, and spreads are tight. To many, a deal with a few idiosyncratic risks — not to mention cool factor — just offers a chance to pick up a little extra yield.

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.