Ally Bank has launched its Ally Master Owner Trust Series 2011-3 (AMOT 2011-3). It was upsized to $750 million from $500 million.
The deal is backed by receivables originated in connection with the purchase and financing by motor vehicle dealers of their new and used car and truck inventory, according to a DBRS presale report. Aside from DBRS, Moody's Investors Service and Fitch Ratings also rated the transaction.
The deal's 2.99-year Class A1 worth $300 million is being offered at 63 basis points over one-month Libor while the 2.99-year $450 million Class A2 is being offered at 62 basis points over swaps. Both classes were rated triple-A by all three rating agencies.
Joint bookrunners on the offering are Deutsche Bank Securities, Barclays Capital and BNP Paribas. The co-managers on the transaction are Bank of Nova Scotia, BMO, CIBC, Credit Suisse, and Unicredit.
Pricing is expected at around 2PM this afternoon.