By Anusha Shrivastava
Of DOW JONES NEWSWIRES
NEW YORK -(Dow Jones)- Price guidance is out on CarMax Business Services' $591 million deal, according to a term sheet.
One the largest triple-A rated tranche worth $149 million, it is in the 35 basis points to 40 basis points over a short-term futures benchmark area.
The deal, dubbed CarMax09-2, backed by auto loans, is led by JP Morgan and co-managers are Barclays Capital, Banc of America Securities and Wells Fargo.
The deal is one of many that has surfaced ahead of the next loan application deadline for a Federal Reserve program. CarMax's deal isn't eligible for the Term Asset-Backed Securities Loan Facility, or TALF.
The next loan application deadline for this program is Nov. 3.
Other issuers include Bank of America Auto Trust with a $2.027 billion deal, General Electric Small Ticket with a $654.197 million bond and GMAC's Ally Bank with a $884.856 million prime auto loan-backed deal.
Last week, Navistar International Corp. offered a floorplan-backed bond, dubbed NAVMT 2009-1 and Great American Leasing had a $500 million deal.
On Friday, Trinity Rail Leasing, a wholly owned special purpose subsidiary of Trinity Industries Leasing Co., offered a $238.26 million deal, backed by railcar equipment.
World Omni Auto Lease has a $1.04 billion deal for which investors can't tap the Fed for non-recourse loans. Joint leads on the deal are Bank of America/Merrill Lynch and Wells Fargo.
Hertz Rental car has $1.2 billion deal and student lender Nelnet has a $434 million bond.
-By Anusha Shrivastava, Dow Jones Newswires; 212-416-2227; anusha.shrivastava@dowjones.com