The New Zealand's Motor Trade Finance Ltd, which originates a range of financing options, from credit contracts to finance and operating leases, has launched a NZ$200 million securitisation deal, backed by car loan receivables that the dealers in its network have originated. This is its first ABS since 2014.MTF is predominantly owned by a shareholding network of originator dealers.  All of its business is sourced through either direct "MTF-branded" franchisees or dealer originators spread throughout New Zealand, said Fitch Ratings in a pre-sale note.The seven-tranche transaction structure used in this deal, to be called the MTF Torana Trust 2016, replicates that of MTF's previous Valiant 2014 ABS transaction. As with that earlier deal, during the two-year period, loans may be substituted, subject to eligibility criteria, which includes a maximum exposure of NZ$100,000, and a minimum pool yield threshold.Fitch has assigned expected ratings to the Torana 2016 transaction, as follows: •    NZ$176.4 million Class A notes: AAA(EXP)sf•    NZ$6.66 million Class B notes: AA(EXP)sf•    NZ$5.84 million Class C notes: A(EXP)sf•    NZ$2.66 million Class D notes: BBB(EXP)sf •    NZ$2.50 million Class E notes: BB(EXP)sf•    NZ$1.20 million Class F notes: B(EXP)sf•    NZ$4.74 million Seller notes were not rated by FitchIn its pre-sale media release, the ratings agency observed that "the collateral characteristics are consistent with other MTF transactions across average balance, seasoning, composition of product type and both geographic composition and concentration, along with pool parameters, which remain largely unchanged from those under the MTF Valiant Trust 2014 transaction."Strong credit checking and arrears servicing processes are in place, Fitch noted, as are loan agreement terms limiting the effects of delinquencies.According to Fitch, the collateral pool is of similar credit quality as the previous MTF Valiant Trust 2014 transaction. The collateral backing the lease portfolio is made up of standard vehicles (93.7 per cent), including passenger cars and light commercial vehicles (utility vehicles), and non-standard vehicles (6.3 per cent), which include all-terrain farm vehicles, buses and trailers.At the cut-off date the total collateral pool consisted of 19,247 auto loan receivables totalling NZ$198 million, with an average obligor exposure of NZ$10,287. The loan receivables, originated by MTF, are amortising principal and interest loans for both new (8.1 per cent of the portfolio) and used (91.8 per cent) vehicles with a portfolio weighted-average seasoning and remaining contract term of 7.6 and 33.6 months, respectively.Presumably the collateral pools are not littered with classic 1970s automotive nostalgia, despite the names of the transactions, although Fitch was silent on that aspect.The arrangers and joint lead managers are Commonwealth Bank of Australia and Westpac Banking Corporation.