TALF Offering Update

This morning I ran some searches in Westlaw Business' Registrations & Prospectuses database to try to gauge whether TALF is having an effect on asset-backed securitization. The asset-backed finance market has, famously, evaporated since the credit crisis began. In January of 2006, for example, WB records 99 asset-backed transactions. This January, there were 5. February, with 3 deals, marked the low water mark. In the last 30 days there have been 16 deals. 4 were already in process before TALF was announced and 5 aren't TALF elgible because they're backed by ineligible assets (mortgages, mostly).

That leaves nine deals that can be directly attributed to TALF: 5 auto loan pools, 2 credit card pools, and 2 student loan pools. These nine deals total about $11 billion.

Two of the auto loan deals are being originated by large car dealerships (World Omni Financial and CarMAx Auto Financing).