Securitization

If the “irrational restriction of credit” in today’s market continues, the effect on the economy could be greater than the losses seen during the crisis, says Lewis Ranieri.

RBS Securities and Wells Fargo plan to issue a $796.9 million CMBS conduit deal dubbed WFRBS 2013-C17.

Fitch Ratings said today that it would “likely cap its ratings at the ‘A’ level” REO-to-rental securitizations.

There’s a string of auto-related securitizations coming to market right now. Apart from the deals due to close this week — from the likes of Ally, Honda, Nissan & Ford BMW and Porsche have just motored into the pipeline.

CarMax is expected to price its $800 million auto loan securitization deal dubbed CarMax Auto Owner Trust 2013-4 by mid-week, according to a pricing document.

Adding a 30% downpayment requirement to the qualified residential mortgage rule would only increase the cost of credit for borrowers seeking private loans, the MBA says in a comment letter.

RBS Securities is lead underwriter on the deal dubbed Sierra Timeshare 2013-3. Fitch Ratings has assigned preliminary ratings of ‘A’ to the transaction’s class A notes and ‘BBB’ ratings to the class B notes.

Appalachian Power Co. in West Virginia filed a registration statement with the US Securities Exchange Commission to issue a $382 million utility tariff rate relief bond.

For the first time in five years the annualized charge-off rate for non-securitized receivables has exceed that of securitized receivables, according to Moody’s Investors Service.

Deutsche Bank and Cantor Fitzgerald priced $1.2 billion of bonds collateralized by 63 commercial mortgage loans.

Chase Bank plans to issue a new $500 million credit card receivables securitization from Chase Issuance Trust, according to a deal prospectus filed with the US Securities and Exchange Commission.

Higher residual values can amplify the losses to ABS transactions if used vehicle prices were to decline sharply, according to a Moody’s Investor Service report.

Several auto loan securitizations priced this week. Ford Motor Credit Company’s FORDL 2013-B priced on Wednesday.

A reported, developing settlement between mortgage securities investors and JP Morgan — separate from the $13 billion mortgage settlement recently announced — would be more generous to bondholders than a similar deal by Countrywide

Investec has set up its first SME lease-backed note program backed by leases made to small and medium UK businesses, according to a Moody's Investors Service report.

GE Capital Aviation Services Ltd. has structured a $169.5 million securitization backed by aircraft engine leases dubbed Fan Engine Securitization Series 2013-1.

Blackstone and Deutsche Bank are very close to marketing the first REO- to-Rental securitization that will be rated, confirmed a source familiar with the deal.

A securitization of cargo container leases is getting ready to launch into the market, according to a pre-sale from Standard & Poor’s.

The final scope of regulations governing securitization in Europe will shape the future of the industry, according to a report released today by Standard & Poor’s.