Nissan's $1 Billion Auto Loan-Backed Bond To Price This Week
September 13 2010 - 11:34AM
Dow Jones News
Nissan Auto Owner Receivables Trust is tapping the market with a
$1 billion prime auto loan-backed deal, according to a person
familiar with the matter.
It is the latest auto sector bond to have surfaced Monday: Auto
maker BMW AG (BMW.XE) and AmeriCredit Auto Receivables Trust have
also announced new bonds.
Discover Credit Card (DFS) has a $500 million credit card
loan-backed bond and All Student Loan Group has a $458.32 million
student loan-backed bond, according to people familiar with the
matter. Cabelas Inc. (CAB) has a $212.5 million credit
card-loan-backed bond, as well.
Through Friday, the asset-backed market had year-to-date
issuance valued at $72.29 billion, according to Citigroup Inc. (C).
During the same period last year, that figure was $98.69
billion.
The auto sector comprised 55.51% of total issuance so far, at
$40.13 billion. Last year, this sector comprised 40.09% of issuance
at $39.57 billion.
BMW's auto lease-backed bond is valued at $750 million and is
scheduled to price on Wednesday, according to a person familiar
with the matter. Joint lead managers on the bond, dubbed BMWLT
2010-1, are J.P. Morgan Chase & Co. (JPM) and Citigroup.
AmeriCredit has offered a $700 million bond, according to a
person familiar with the matter.
Joint lead managers on the bond, dubbed AMCAR 2010-3, scheduled
to price later this week, are Barclays Capital, UBS AG and Wells
Fargo & Co. (WFC).
-By Anusha Shrivastava, Dow Jones Newswires; 212-416-2227;
anusha.shrivastava@dowjones.com
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