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Auto Loan ABS Market Gains from Corporate Bond Market Woes Feb 01
Standard & Poors, Feb 2001
Abstract
A bumpy year for corporate bonds during 2000 drove auto loan ABS on to the high road. Auto finance companies found the ABS market to be an attractive alternative to the corporate bond market, which was stymied during the second half of the year by corporate downgrades, unpleasant earnings surprises, negative press, and an uncertain economic outlook. As a result, auto loan ABS volume soared 29% to $69.9 billion from $54.1 billion in 1999 (see chart 1). The gain was concentrated in the latter half of the year with volume equaling $40.5 billion, up from $29.4 billion in the first half and nearly double 1999's second half total of $21.3 billion. Public-only issuances for the year totaled $59.2 billion compared...
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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