Ally Financial priced the subordinate tranches on its upsized $1.25 billion subprime auto loan ABS deal at wider spreads than Santander’s deal issued last week.

The deal, Capital Auto Receivables Asset Trust 2014-1 was originally sized at $1 billion.

Spreads widened by as much as 20 basis points on the subordinate tranches.  The double-B notes, which were structured with longer maturity of 3.66-years, priced at 105 basis points over interpolated swaps. By comparison, Santander priced it 2.46-year double-A notes at 90 basis points.

The class C, single-A rated, 3.95 year notes on the Ally deal were priced at 155 basis points over interpolated swaps and the 4.2- years, triple-B rated class D notes were priced at 200 basis points.

Santander launched its single-A, 3.26-year notes priced at 135 basis points; and the triple-B, 4-year notes also priced ten basis points tighter at 160 basis points.

At the triple-A level, Ally priced the short-dated notes at comparable levels to Santander’s deal. The short-dated, 1.31-year class A-1a and A-2b notes priced at 34 basis points over the eurodollar synthetic forward curve and 35 basis points over the one-month Libor respectively.

Santander priced its triple-A rated, one-year fixed and floating rate notes at 35 basis points and 37 basis points respectively. 

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