AmeriCredit priced its $1.08 billion subprime auto loan securitization, its fifth deal so far for 2013.

The deal, AmeriCredit Auto Receivables Trust 2013-5 was originally sized at $900 million. DBRS and Moody’s Investors Service assigned ratings to the notes issued under the transaction.  

The triple-A rated class A2A notes, with a weighted average life of .95-years priced at 38 basis points over the euro dollar synthetic forward benchmark. The class A2B, triple-A notes with a weighted average life of .95 years priced at 38 basis points over the one-month Libor.  The triple-A notes, structured with a weighted average life of 2.20-years, priced at 43 basis points over the interpolated swaps curve.

The double-A, class B notes with a weighted average life of 3.06-years, priced at 80 basis points over the interpolated swaps curve; the single-A, 3.62-years, class C notes priced at 135 basis points over the interpolated swaps curve; and the triple-B rated, 4.06-years class D notes priced at 175 basis points.

Deutsche Bank, Citigroup, Goldman Sachs and Wells Fargo are lead managers on the deal. Barclays, BNP Paribas, BofA Merrill Lynch and JP Morgan are co-managers on the senior notes.

 

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