Ally Bank has priced its auto floorplan securitization called 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 priced at 63 basis points over one-month Libor while the $450 million 2.99-year Class A2 priced at 62 basis points over swaps. Both classes were rated triple-A by all three rating agencies.
The offering's $68.9 million Class B portion, $52.4 million Class C tranche and $55.2 million Class D part were not offered and were rated double-A, single-A and triple-B, respectively.
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.