TALF newcomers Hyundai Motor Finance Corp. and Chesapeake Funding LLC, a unit of PHH Corp., are getting set to issue auto-backed securitizations next week.
Hyundai’s $1.3 billion securitization, the captive’s first this year, will be backed by prime loans secured by new and used cars and light-duty trucks. Chesapeake’s issuance, meanwhile, will consist of $750 million worth of fleet leases.
Other financiers slated to return to the TALF market for the Sept. 3 round: Bank of America and Ford Motor Credit, each with $2 billion of issuance, and Nissan Motor Acceptance, with $1 billion of issuance.
Including the volume expected for September, auto ABS issuance should hit about $38 billion so far this year, outpacing 2008’s total volume by $3 billion. Looks like TALF is getting the job done.
