By Anusha Shrivastava Of DOW JONES NEWSWIRES NEW YORK -(Dow Jones)- Wyndham Worldwide Corp. (WYN) is offering a $250 million security backed by timeshare receivables, according to a person familiar with the matter. The bond is another example of an esoteric or unusual collateral-backed security in the market this week. These esoteric bonds are more complicated to structure and market so they take longer to price. They are also generally smaller in size than the more mainstream bonds like the ones in the auto sector. Also on Thursday, Container Leasing International LLC tapped the asset-backed securities market with a $230 million bond, as investor appetite for higher yielding unusual bonds remains strong. The single-tranche bond is backed by container receivables. It is joint led by Wells Fargo and Deutsche Bank and is expected to price either later this week or early next week. Another so-called esoteric bond marketed this week is the $250 million security from GMAC Mortgage Servicer Advance Series. On Thursday, Macquarie Group (MQBKY, MQG.AU) priced its $750 million bond backed by auto loans. Joint leads on the bond, marketed via the private Rule 144a market, are Royal Bank of Scotland, J.P. Morgan and Macquarie. The $108 million triple-A-rated portion priced at 75 basis points over the one-month London interbank offered rate, or Libor. The $184 million triple-A-rated portion priced at 85 basis points over one-month Libor. On Wednesday, CarMax Auto Owner Trust priced its $650 million bond backed by prime retail auto loans. Other asset-backed bonds being marketed are Brazos Higher Education Authority Inc., with a $1.52 billion student loan-backed bond. -By Anusha Shrivastava, Dow Jones Newswires; 212-416-2227; anusha.shrivastava@dowjones.com
