The next — and eighth — loan application deadline for the Term Asset-Backed Securities Loan Facility, more affectionately known as TALF, is Oct. 2, and the rumor mill is spinning with scuttlebutt on which auto finance providers will come in with securitizations.
Dow Jones is reporting that Citi Financial Auto is in the market with a $1.40 billion auto deal, quoting “a person familiar with the matter.” According to Dow Jones, the self-led deal, called CitiFinanacial Auto Issuance Trust 2009-1, has four tranches and is TALF-eligible.
Last Wednesday, Mercedes-Benz Financial reportedly offered a $1.08 billion prime retail auto loan-backed deal, according to Dow Jones. That deal, called MBART 2009-1, has four tranches and is also eligible for TALF funds.
Another Financial Portal, a blog, is reporting that the deal has received preliminary ratings from Moody’s.
“Moody’s median cumulative net loss expectation for the MBART 2009-1 is 2.50%. Moody’s net loss expectation for the MBART 2009-1 transaction is based on an analysis of the credit quality of the underlying collateral, historical performance trends, the ability of DCFS USA LLC to perform the servicing functions, and expectations for future economic conditions,” the rating agency said in a pre-sale report.
The deal is being led by JP Morgan and Barclays Capital.
Not bad considering the application deadline is still a week away.
