March 6 (Bloomberg) -- Honda Motor Co. said it doesn’t plan to issue new securities backed by auto loans after a Japanese news agency reported that the carmaker’s U.S. credit arm seeks to raise about $1 billion every few months from such sales.
Japan’s Nikkei English News said today that Honda’s American Honda Finance Corp. would regularly issue 100 billion yen ($1.02 billion) of asset-backed bonds, citing no sources. Nissan Motor Co.’s U.S. finance arm plans to raise a similar amount with ABS issues, Nikkei said.
“We aren’t currently issuing asset-backed securities,” said Marcos Frommer, a spokesman for Honda’s U.S. unit in Torrance, California. Economic conditions don’t favor such sales, he said.
Fred Standish, a spokesman for Nissan’s U.S. unit, said the company doesn’t discuss future financing options such as ABS sales. Nissan raised $475 million from an ABS sale in December, he said.
Honda and Nissan are both based in Tokyo.
Source;
http://www.bloomberg.com/apps/news?pid=20601101&sid=ap5LWT7nHhZE&refer=japan#
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