Ally Bank is prepping $750 million of bond backed by loans and lines of credit to auto dealerships.

Ally Master Owner Trust will issue two tranches of notes, Series 2014-4 Class A-1 floating-rate notes and Series 2014-4 Class A-2 fixed-rate notes, both of which have preliminary 'AAA' rating from Standard & Poor's. A preliminary prospectus filed with the Securities and Exchange Commission today did not indicate the size of the individual tranches. However both have an expected maturity of June 2017 and a legal maturity of June 2019.

Deutsche Bank Securities, J.P. Morgan and RBC Capital markets are the underwriters.

The notes will be backed by a revolving pool of receivables arising under floorplan financing agreements between Ally Bank and retail automotive dealers, primarily dealers of General Motors and Chrysler Group vehicles, to finance their inventory of new and used autos and light- and medium-duty trucks and vans, according to S&P's presale report.

Credit enhancement consists of a reserve fund with an initial balance of $10 million and three classes of subordinated notes that will not be publicly offered: $55.3 million of class B notes, $40.2 million of class C notes, $30.2 million of class D notes and $130.8 million of class D notes.

The offering of class A notes is expected to close July 16.

Ally was last in the market with an offering of dealer floorplan notes in March, when it sold $900 million.

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