DBRS Releases February 2012 Monthly Canadian ABS Report

DBRS has today released its Monthly Canadian ABS Report, which provides an overview of the Canadian term asset-backed securities (ABS) market for the month ending February 29, 2012. The report provides detailed information on the $30.4 billion market, with disclosure on issuance volumes, asset composition and 12-month transaction performance histories. New transactions and rating actions that took place during and after the reporting period are also summarized in the report.

The total outstanding amount in the Canadian ABS market was $30.4 billion, up 2.1% from the previous month’s outstanding amount of $29.8 billion. The increase was a result of two series of notes issued by Golden Credit Card Trust. Regular runoff amounted to $333.6 million.

Credit card trusts were active once again this month, with Golden Credit Card Trust issuing two series of Notes: Series 2012-1 and Series 2012-2. Both senior notes issued by Golden Credit Card Trust were in U.S. dollars, marking the second and third U.S. dollar note issuance by credit card trusts in 2012. There were two notes discontinued in the month: the Ford Auto Securitization Trust 2009-R3 Class A-2 note and the Canada Mortgage Acceptance Corporation 2006-C5 Class E certificate.

Credit cards remain the dominant asset class within the ABS market, with 76.8% market share, up from 75.1% in January 2012. Auto loans and auto leases stood at 15%, down slightly from 16.1% in the previous month, followed by equipment finance, down slightly to 2.1% from 2.2% in January. Changes in the ABS market composition continue to favour consumer lending, with credit card and auto loan/lease programs accounting for approximately 91.9% of the ABS market, up from 78.4% year-over-year.

Notes:
All figures are in Canadian dollars unless otherwise noted.