Delinquencies among the Australian auto loan asset-backed securities rated by Moody's Investors Service fell during November 2017, while prime residential mortgage-backed securities rose. "Specifically, 30-day-plus delinquencies for Australian auto loan ABS transactions fell to 1.56 per cent in November 2017 from 1.59 per cent in October 2017, but rose from 1.11 per cent in November 2016," said Alena Chen, a Moody's vice president. "By contrast, delinquencies for prime RMBS transactions rose to 1.45 per cent in November 2017 from 1.40 per cent in October 2017, but fell from 1.50 per cent in November 2016." Westpac is believed to be planning for an initial public offering of its auto loans business in November in a listing that could value the division at A$4.9 billion, reports The Australian. On offer would be its dealer and car loans operation, with loans worth $15bn, including a $3.9bn portfolio of dealer financing loans that Westpac purchased from Lloyds Banking Group more than four years ago. The operation generates about $350 million in earnings after tax and the expectation is that its value will be at about 14 times those profits.