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Auto Loan ABS at Midyear 2001: Volume Accelerates but Performance Starts to Skid Aug 01
Standard & Poors, Aug 2001
Abstract
Despite a less virile economy and slightly lower new car sales than in 2000 (which was a record year), total auto loan ABS issuance rose 40% to $41.3 billion during the first six months of 2001 from $29.4 billion for the same period last year (see tables 1 and 2). Public-only volume was $30.85 billion compared with $25 billion a year earlier. Volume growth in first-half 2001 was fueled by Ford Motor Co., the largest issuer so far this year, and General Motors Corp. Both companies funded a greater share of their business in the securitization market than in the unsecured corporate bond market. The ABS market proved to be an attractive alternative as corporate bond yields widened and became...
Companies mentioned in this report are: Chrysler Financial Services Americas LLC,Ford Motor Co.,Ford Motor Credit Co. LLC,Ally Financial Inc.,Motors Liquidation Co. (fka General Motors Corp.),Wells Fargo & Co.,American Honda Finance Corp.,Toyota Motor Credit Corp.,Wells Fargo Bank (Texas) N.A.,Hyundai Capital America,Mercury Finance Corp.,Arcadia Financial Ltd.,FCAR Owner Trust,General Motors Financial Co. Inc.,Toyota (GB) PLC,Syncora Guarantee Inc.,BMW (UK) Capital PLC
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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