Ally is marketing a $1.5 billion prime auto loan securitization. Credit Suisse, Barclays and Bank of American Merrill Lynch are the lead underwriters on the deal.

Ally Auto Receivables trust will offer three tranches of fixed-rate class A notes totalling $1.4 billion. All have preliminary 'AAA' ratings from Standard & Poor's. The class A2 are due July 17, 2017, the class A3 notes are due April 15, 2019 and the A4 notes are due Jan. 15, 2020.

Also on offer are $32 billion of class B notes, due March 16, 2020 and rated ‘AA+’. The $26 billion of class C note are due June 15, 2020 and are rated ‘AA’. The class D notes, due June 15, 2021 are rated ‘A+’.

The transaction is the third prime auto loan securitization for the issuer this year.

It is backed by a pool of loan with a weighted average FICO score of 749.6; that's an increase from the previous deal, which had a weighted average FICO of 745.8.

However the weighted average loan-to-value ratio of the pool backing 2014-2 has increased, to 97.75% from 95.8%. According to the presale report the pool also includes a greater percentage of longer-term loans. Loans with terms of 61 top 75 months increased to 70.3% from 63.6% in the previous deal and loans with terms from 73 to 75 months have increased to 15.4% from 10%. 

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