Ally Financial is lining up its third subprime auto loan securitization of 2013, a $778 million deal called Capital Auto Receivables 2013-3.
Standard & Poor’s assigned preliminary ratings to the deal which is structured with $644 million of ‘AAA’- rated notes; $38.24 million of ‘AA’-rated notes; $36.22 million of ‘A’-rated notes and $32.20 million of ‘BBB’-rated notes.
Citigroup, Credit Agricole and Credit Suisse are lead managers on the deal.
Ally previously came to market with a subprime deal in June.
In comparison with the 2013-2 transaction, the subordination for the class A notes in the latest deal has been increased, to 16.75% from 16.25% from the 2013-2 transaction.
The weighted average loan-to-value ratio in the deal is also slightly higher, at 106.4% compared with 106.3% in the previous deal. And the percentage of longer-term loans, those with original terms of 61 to 84 months, is 80.2%, an increase from 79.8% in the previous deal.