Securitization

Sallie Mae plans to issue SLM Private Education Loan Trust 2013-3, its third student loan-backed securitization of the year, totaling $1.246 billion.

Ford Motor Credit Co. plans to issue $1.38 billion of notes over two series issued from its floorplan master owner trust, according to Fitch Ratings.

Standard & Poor’s has joined the chorus warning of deeper risks in conduit CMBS issued this year compared with 2012-and-earlier vintages.

GE Money Bank Switzerland is planning a CHF200 million ($213M) issue backed by Swiss auto lease receivables, the second Swiss Auto ABS of 2013.

.Three subprime auto loan backed deals from General Motors, DriveTime Automotive and First Investors join the pipeline this week

The overall 30+ day CMBS DQ rate has fallen about 50 bps year to date to 9.07%, according to Trepp figures and this trend is likely to continue in 2013.

Springleaf Financial is looking to top up its debut consumer loans asset-backed securitization issued in February with a $400 million deal.

Consumer Portfolio Services is working on its second subprime auto securitization of the year; 31% of the $185 million transaction will be pre-funded.

PHH Corp. priced an upsized $700 million auto lease securitization called PHH Chesapeake Funding LLC 2013-1 today. The deal was originally sized at $450 million.

A policy fight is threatening the recovery of collateralized loan obligations in Europe.

GoldenTree Asset Management is joining the list of U.S.-based CLO managers marching to Europe.

There's growing interest in bonds backed by shipping container leases, and this could prompt underwriters to structure deals with higher-rated tranches, according to DBRS.

Consumer ABS issuance is becoming more of a credit product than a liquidity product, as consumer fundamentals weaken and issuers find less need to access securitization in an environment of substantial liquidity, according a Wells Fargo securitization report.

The Vermont Student Assistance Corp. is planning to issue a $15.87 million private student loan securitization, according to Fitch Ratings.

Nationstar priced $2.0 billion of advance securitizations that will provide an incremental 1.75% interest rate savings to existing advance credit facilities.

SeaCube Containers plans to issue a $300 million container lease ABS deal called CLI Funding V LLC (Series 2013-2).

Kroll Bond Rating Agency (KBRA) has assigned preliminary ratings to the JP Morgan/Barclays’ $1.34 billion CMBS conduit, JPMBB 2013-C12.

Covered bonds backed by loans to small and medium-sized enterprises have gained traction in Europe as and alternative to bank financing and other debt instruments, according to Moody's Investors Service.

The Securities and Exchange Commission approved a plan to overhaul regulation of money market funds, which are some of the biggest buyers of asset-backed commercial paper.