Ally Bank is marketing its first prime auto loan securitization of the year, according to Moody’s Investors Service.
The $1.02 billion The Ally Auto Receivables Trust 2015-1 (AART 2015-1) will issue Single money market tranche traed P-1 by Moody’s and six term tranches, three of which are rated Aaa.’
The notes are backed by quality retail installment auto loan contracts originated by Ally Bank. Ally Bank has been a frequent issuer of retail loan securitizations since 2009. Ally Bank’s parent, Ally Financial (formerly GMAC Inc.), has securitization experience that dates back to the mid-1980’s.
The contracts have a lower annual percentage rate that Ally’s previous prime auto loan deal in 2014. The 2015-1 transaction has a weighted average FICO score of 746, which is within the range of the past three transactions. The weighted average original term of 66 months is on par with previous transactions. New loan percentage has increased to 71%, as compared to 67% of 2014-2. Subvented loans also decreased to 20.48% from 23.7% of 2014-2.
BofA Merrill Lynch, Barclays, Deutsche Bank Securities and Lloyd’s Securities are the lead managers.