largest non-captive issuer of automobile finance securitizations, thanks to its second big offering in two months. The $1.49 billion transaction brings to nearly $3 billion the bank's auto finance division has securitized in the last half of 1995. In September, Chase completed a $1.5 billion securitization. The two offerings come as a result of the more than $6 billion in auto loans the bank has originated this year. Prior to these two securitizations, Chase had been absent from the automobile loan-backed market since completing a $750 million offering in April 1993. This latest offering, which like the September deal was jointly managed by Chase Securities Inc. and Chemical Securities Inc., was priced to yield just over 6.02% with an average life of nearly 18 months. Structured as a guarantor trust, the offering has credit enhancement from a cash collateral account, initially set at 5% of the principal amount. The offering received triple-A ratings from both Moody's Investors Service Inc. and Standard & Poor's Inc. The bank's September issue also netted triple-A ratings from both agencies, likewise on the benefit provided by a 5% cash collateral pool to enhance the credit. That securitization carried a yield of 6%. Through the end of the third quarter, auto-backed securitizations had accounted for more than $14.5 billion of the total $72.4 billion in asset- backed offerings in 1995.
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