Santander and Ally Financial priced a combined $2.1 billion of bonds backed by subprime auto loan receivables.
Mitsubishi Motors has priced a $215 million prime auto loan securitization, its first in over two years.
The class A2 notes with a weighted average life of 2.55-years yield 16 basis points over the eurodollar synthetic forward curve.
Fitch Ratings has taken positive rating action on 150 tranches of 113 structured finance transactions that are capped relative to the sovereign ratings of Ireland, Portugal and Spain.
American Credit Acceptance plans to issue $259.17 million of securities backed by retail subprime auto loan receivables, its second public deal in 2014.
Direct exposure to either J.C. Penney or Sears is typically highest in seasoned deals where there are only a small number of loans remaining, and one is secured by a retail property.
Banks have been slow to make credit cards available again to subprime borrowers; that's starting to change.
Card issuers are again lending to weaker borrowers; Its just a matter of time before the receivables show up in trusts.
FINRAs plan to disseminate pricing on after-market transactions in asset-backed securities through TRACE should transform the market.
Many banks in the auto lending business have been making investments that they hope will give them a more enduring edge; to the extent that bank are less likely to securitize these loans, this could impact securitization volume.