DBRS Releases November 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 November 30, 2012. The report provides detailed information on the $30.1 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 $30.1 billion, down 4.5% from the previous month’s outstanding amount of $31.6 billion. This decrease was predominantly a result of the full repayment of Master Credit Card Trust, Series 2008-3. Several other programs were also fully repaid in the month: Canadian Capital Auto Receivables Asset Trust, Series 2010-1 and Ford Auto Securitization Trust, Series 2009-R1. There was no new issuance in the month. Regular runoff amounted to $282 million.

Credit cards remain the dominant asset class within the ABS market, comprising 79.3% of the market, an increase of 0.2% month-over-month. Auto loans and auto leases decreased to 11.5%, followed by equipment finance, down slightly to 4%. The ABS market composition continues to favour consumer lending, with credit card and auto loan/lease programs accounting for approximately 90.8% of the market.

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

The full report providing additional analytical detail is available by clicking on the link under Related Research at the right of the screen or by contacting us at info@dbrs.com.