Ally Financial priced an upsized $1 billion offering of bonds backed by subprime auto loans, according to filing with the Securities and Exchange Commission.

The deal, Capital Auto Receivables 2013-3, was originally sized at $778 million.

Credit Suisse, Citi, and Credit Agricole were the joint lead managers; BMO, CIBC, PNC, Sandler O’Neill, and Scotia were co-managers.

Moody’s Investors Service and Standard & Poor’s both rated the deal.

The deal included two, triple-A rated tranches with a weighted average life of 1.3 years; one for $95 million priced at 43 basis points over the Eurodollar synthetic forward curve and one for $166 million priced at 43 basis points over one-month Libor.

A $266 million, triple-A rated tranche with a with a weighted average life of 1.92 years priced at EDSF plus 55 basis points;

A $266 million, triple-A rated tranche with a weighted average life of 2.7 years priced at 58 basis points over the interpolated swaps curve.

A $73 million, triple-A rated tranche with a weighted average life of 3.3 years priced at 72 basis points over swaps.

 

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