Loans Expert

Ford Motor Credit is expected to sell $1.09 billion of asset-backed securities supported by auto loans early this week, said market sources on Monday.

JP Morgan Securities, Morgan Stanley and RBS are underwriters for the multi-part offering whose largest tranches include $285 million of A1-plus 0.31-year short-term notes, $203.8 million of AAA-rated one-year notes, $382 million of AAA-rated two-year notes and $144.6 million of AAA-rated three-year notes, market sources said.

The deal’s smaller tranches include a $32.05 million AA-rated 4.12-year notes, $21.4 million of A-rated 4.41-year notes and $21.4 million of BaBB-rated 4.21-year notes, market sources said. Price guidance for the upcoming deal were not immediately available.

Ford sold a non-TALF auto ABS deal in Nov. 2009, that included A1-plus rated 0.30-year notes that priced at a spread of 1 basis point beneath Libor, AAA-rated one-year notes that priced at a spread of 35 basis points above Eurodollar swap futures, AAA-rated two-year notes that sold at a spread of 45 basis points over Eurodollar swap futures and 3.24-year notes that came at a spread 70 basis points over interpolated swaps, market sources said.

Related posts:

• Loans Beat Bonds for First Time in Four Years: Credit Markets
• Libor for Overnight Dollar Loans Jumps as Credit Freeze Deepens
• Home, car loan rates set to fall
• Swedbank chair-Baltic loans not reason for issue
• Dragon stokes up in home loans market

Tags: Auto Loans, Loans