DBRS Releases February 2013 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 28, 2013. The report provides detailed information 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 of the Canadian ABS market was $31.0 billion at the end of February 2013, down 1.3% from the previous month’s outstanding amount of $31.4 billion. Regular runoff amounted to $228.1 million this month.

In this month, there was one new issuance: Golden Credit Card Trust came to market and issued $533 million in Series 2013-1 Notes. There were several series and classes of notes repaid in the month: CHIP Mortgage Trust Series 2006-1 Medium Term Notes; Glacier Credit Card Trust Credit Card Asset-Backed Subordinated Notes, Series 2008-1 Notes; Fleet Leasing Receivables Trust, Asset-Backed Notes, Series 2010-1 Class A-2a, Class A-2b and Class B; and Canadian Capital Auto Receivables Asset Trust II, Auto Loan Receivables-Backed Notes, Series 2012-1, Class A-1.

Credit cards remain the largest asset class within the ABS market, comprising 80.3% of the market. Auto loans and auto leases declined to 11.2%, followed by equipment finance, down slightly to 3.3%. The ABS market composition continues to favour consumer lending, with credit card and auto loan/lease programs accounting for approximately 91.5% 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.