Nissan's $1 Billion Auto Loan-Backed Bond To Price This Week

Nissan Auto Owner Receivables Trust is tapping the market with a $1 billion prime auto loan-backed deal, according to a person familiar with the matter.

It is the latest auto sector bond to have surfaced Monday: Auto maker BMW AG (BMW.XE) and AmeriCredit Auto Receivables Trust have also announced new bonds.

Discover Credit Card (DFS) has a $500 million credit card loan-backed bond and All Student Loan Group has a $458.32 million student loan-backed bond, according to people familiar with the matter. Cabelas Inc. (CAB) has a $212.5 million credit card-loan-backed bond, as well.

Through Friday, the asset-backed market had year-to-date issuance valued at $72.29 billion, according to Citigroup Inc. (C). During the same period last year, that figure was $98.69 billion.

The auto sector comprised 55.51% of total issuance so far, at $40.13 billion. Last year, this sector comprised 40.09% of issuance at $39.57 billion.

BMW's auto lease-backed bond is valued at $750 million and is scheduled to price on Wednesday, according to a person familiar with the matter. Joint lead managers on the bond, dubbed BMWLT 2010-1, are J.P. Morgan Chase & Co. (JPM) and Citigroup.

AmeriCredit has offered a $700 million bond, according to a person familiar with the matter.

Joint lead managers on the bond, dubbed AMCAR 2010-3, scheduled to price later this week, are Barclays Capital, UBS AG and Wells Fargo & Co. (WFC).

-By Anusha Shrivastava, Dow Jones Newswires; 212-416-2227; [e-mail]