DBRS Releases November 2013 Canadian ABS and Enhanced ABS Reports

DBRS has today released the enhanced version of the Monthly Canadian ABS Report (the Enhanced ABS Report), in conjunction with the Monthly Canadian ABS Report.

The Enhanced ABS Report offers additional metrics, longer data series, definitions and charts that provide the user with both numeric and graphic presentations to allow for a quick review of the overall performance and trends for each transaction, as well as benchmarking of transactions within an asset class.

The Monthly Canadian ABS Report has links that allow the user to go from the table of contents or the individual transaction page to the corresponding Enhanced ABS Report for that particular issuance.

The total outstanding amount of the Canadian ABS market was $31.8 billion at the end of November 2013, up 2.3% from the previous month’s outstanding amount of $31.1 billion. Regular runoff amounted to $184.8 million.

In November, there were three new issuances: Master Credit Card Trust II, which came to market and issued $1,058.2 million in Series 2013-4 Notes; CNH Capital Canada Receivables Trust issued $465.0 million in Series 2013-2 Notes; and Glacier Credit Card Trust issued $264.6 million in Series 2013-1 Notes. There were two discontinuations in the month: Master Credit Card Trust, Series 2008-4, for $546.5 million, and Gloucester Credit Card Trust, Series 2006-2, for $349 million.

On December 9, 2013, DBRS noted that there is no rating impact on the outstanding rated notes issued by CARDS II Trust following the removal from the Trust’s custodial pool of approximately $3 billion in Aeroplan-branded credit card receivables (Receivables) by Canadian Imperial Bank of Commerce, the originator of receivables in the Pool. The removal of the Receivables from CARDS II Trust took place on November 1, 2013, and is reflected in this month’s version of the Canadian ABS Report.

Credit cards remain the largest asset class within the ABS market, comprising 77.2% of the market. Auto loans and auto leases decreased to 7.6%, followed by home equity lines of credit, declining slightly to 4.8%. The ABS market composition continues to favour consumer lending, with credit card and auto loan/lease programs accounting for approximately 84.8% of the market.

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