NEW YORK, June 17 (Reuters) - Nissan Motor Co. Ltd. , Japan's third-largest carmaker, plans to offer $1.5 billion in asset-backed securities supported by car loans it made, a source close to the deal said on Friday.
Merrill Lynch and J.P. Morgan are jointly heading the deal's underwriting group that includes ABN AMRO, Citigroup Global Markets, Morgan Stanley and Williams Capital, the source said.
The following are early terms and conditions for "Nissan Auto Receivables Owner Trust (NAROT) 2004-B" based on market sources (subject to change):
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Class A1
Issue Amount $354.8 million
Average Life 0.33 year
Price Guidance 4-month Libor minus 1 bps area
Ratings A1-plus (S&P), P1 (Moody's)
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Class A2
Issue Amount $383 million
Average Life 1 year
Price Guidance eurodollar futures + 4 bps area
Ratings AAA (S&P), Aaa (Moody's)
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Class A3
Issue Amount $512 million
Average life 2.2 years
Price Guidance Interpolated swaps + 7 bps area
Ratings AAA (S&P), Aaa (Moody's)
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Class A4
Issue Amount $225 million
Average Life 3.59 years
Price Guidance Interpolated swaps + 5 to 6 bps
Ratings AAA (S&P), Aaa (Moody's)
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Expected Settlement June 24, 2004