VIE Long-term Debt Issued by Securitization and Permanent Financing trusts, at Fair Market Value (Tables)

3 Months Ended

Mar. 31, 2014

Summary of securitization SPE transaction

During the three months ended March 31, 2014, the Company completed one asset securitization transaction that was registered according to Rule 144A.

	2014-1
	(bond proceeds in $ millions)
Issue date	2/18/2014
Bond proceeds	$ 233.9
Receivables securitized	2,297
Deal discount rate	4.24%
Retained interest %	6.00%
Class allocation (Moody’s)
Aaa	85.25%
Baa2	8.75%

During the three months ended March 31, 2013, the Company also completed one asset securitization transaction that was registered according to Rule 144A. 

	2013-1
	(bond proceeds in $ millions)
Issue date	3/20/2013
Bond proceeds	$216.5
Receivables securitized	2,425
Deal discount rate	3.65%
Retained interest %	6.75%
Class allocation (Moody’s)
Aaa	85.25%
Baa2	8.00%

Summary of notes issued

	Outstanding		Outstanding		Fair Value		Fair Value
	Principal as of		Principal as of		as of		as of
	March 31, 2014		December 31, 2013		March 31, 2014		December 31, 2013
Securitization trusts	$	3,233,470	$	3,063,520	$	3,411,176	$	3,177,404
Permanent financing VIEs	253,173		256,914		255,407		253,879
Total	$	3,486,643	$	3,320,434	$	3,666,583	$	3,431,283