Ally Bank priced $1.1 billion of securities backed by prime auto leases, according to a regulatory filing.

The deal, AART 2014-SN2 is rated by Fitch Ratings and Standard & Poor’s. The fixed-rate, ‘AAA’/ ‘AAA’ rated, 1.27-year notes yield 33 basis points over the Eurodollar synthetic forward curve. The floating-rate, 1.27-year notes yield 30 basis points over one-month Libor.

The notes priced 10 basis points wide of comparable bonds issued from World Omni’s inaugural prime auto lease securitization, which priced on Sept. 11.

Ally sold the 2-year, class A-3 notes rated ‘AAA’/ ‘AAA’ at 43 basis points over the Eurodollar synthetic forward curve. The 2.32-year, ‘AAA’/ ‘AAA’ rated class A-4 notes priced at 48 basis over interpolated swaps.

A pool of closed end auto leases on new GM and Chrysler brand cars back the notes.  The pool consists of strong quality leases with a weighted average FICO of 762.  

World Omni’s deal was backed by leases with slightly weaker FICOs that have a weighted average FICO score of 746. The pool was comprised of closed-end vehicle leases on new vehicles manufactured by Toyota Motor Corp. and originated by World Omni. 

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