Ally increased its two series of dealer floorplan notes to a total of $625 million from $500 million.
The two-year 2015-1 class A notes were pay a spread of 40 basis points over one-month Libor and the four- year 2015-2 class A-1 notes yield 57 basis points over one-month Libor. The issuer sold a fixed-rate tranche of notes from its longer-dated offering at 55 basis points over interpolated swaps. All of the notes are rated triple-A by Moody's Investor Service and Fitch Ratings.
By comparison earlier this week Ford sold two series of notes, totaling $1.4 billion, at similar spreads. Ford’s three-year senior notes priced at 40 basis points over interpolated swaps and the two-part offering of five-year senior notes priced at 57 basis points over one-month Libor and 55 basis points over interpolated swaps, respectively.
Ally’s transactions are backed by a pool of receivables that are secured by mostly new cars. As of Jan. 6, 2015, the eligible, wholesale receivables pool totaled $16.6 billion. Of this amount, new vehicles financed accounted for 90.3% and used vehicles were 9.7% according to Fitch. Credit Suisse is the lead underwriter.