Veros, Westlake, World Omni ramp up ABS issuance

Auto lenders were busy in the asset-backed securitization market this week, especially in the nonprime credit tier, according to presale reports issued by S&P Global and Moody’s Investors Service.

Veros Credit, for one, issued its third ever asset-backed securitization this week, a $247 million issuance backed by nonprime loans, according to Moody’s.

First Investors Financial Services also issued a $186 million transaction backed by subprime auto receivables, which is expected to close on March 19, according to S&P. Similarly, Tidewater Motor Credit came to market with a $190 million issuance backed by subprime auto receivables. That deal is expected to close March 15.

Westlake Financial Services, too, injected $850 million of subprime auto receivables into the pipeline, a deal which is expected to close March 17.

In the prime credit tier, World Omni Financial securitized for the first time this year, funneling $835 million of prime auto receivables into the ABS market in a deal expected to close March 11.

Additionally, floorplan financier NextGear Capital issued a $400 million securitization of its revolving pool of dealer floorplan receivables, also slated to close March 11.