Americredit Financial Services upsized and priced $1.4 billion of securities backed by subprime auto loan receivables, according to a person familiar with the deal.

The deal, AmeriCredit Automobile Receivables Trust 2014-2, was originally sized at $1.17 billion. The short-term, one-year, fixed rate class A notes rated, triple-A  priced at 28 basis points over the eurodollar synthetic forward curve. The one-year floating rate notes also rated triple-A priced at 28 basis points over one month Libor.

Americredit priced the one-year, triple-A notes at 33 basis points over interpolated swaps curve.  Further down the capital stack the trust issued the three-year, double-A rated, class B notes at 65 basis points over interpolated swaps; the 3.57-year, class C notes rated single-A at 100 basis points over interpolated swaps; the triple-B rated, four-year, class C notes at 120 basis points over interpolated swaps; and the four-year, double-B rated class E notes at 200 basis points over interpolated swaps.

The joint bookrunners on the deal are BofA Merrill Lynch, Deutsche Bank Securities, RBC Capital Markets, and Wells Fargo Securities.

Co-managers are BNP Paribas; Goldman, Sachs & Co.; Morgan Stanley; and RBS

 

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