Ally Financial priced $1.25 billion of bonds backed by subprime auto loans, according to a regulatory filing.

Barclays, Credit Agricole Securities and J.P. Morgan are the underwriters.

Capital Auto Receivables Asset Trust 2015-1 is only the second subprime auto loan securitization of the year; GM Financial priced the first, a $1.1 billion deal, earlier this month. Ally’s is backed by loans on new and used cars and light trucks with a weighted average FICO score of 632.13, a weighted average loan-to-value ratio of 106.62%, weighted average interest rate of 8.26%, and a weighted average original maturity of 68.11 months.

The trust issued five classes of notes with triple-A ratings from Moody’s Investors Service and Standard & Poor’s. The $75 million class A-1A with a weighted average life (WAL) of 1.36 years priced at 42 basis points over the Eurodollar synthetic forward curve and the $331 million class A-1B priced at 42 basis points over one-month Libor. The $287 million class A-2 with a WAL of 2.05 years priced at 65 basis points over interpolated swaps; the $287 million class A-3 with a WAL of 2.78 years priced at 60 basis points over swaps and the $94.8 million class A-4 with a WAL of 3.38 years priced at swaps plus 68 basis points.  

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