Price guidance on Toyota Motor Credit Co.’s auto loan deal and Ford’s dealer floorplan securitization deal was issued on Friday.
The deals launched late in the week and after a brief lull in auto ABS issuance.
Price guidance on Toyota Auto Receivables 2013-B Owner Trust’s triple-A rated, one-year average life, A2 notes was between 7 basis points and 17 basis points over the Eurodollar synthetic forward. The triple-A, 2.06-year, class A3 notes are being talked between 17 basis points and 34 basis points over interpolated swaps. The class A4 notes, also rated triple-A with a weighted average life of 3.34-years are being talked between 34 basis points and 43 basis points over interpolated swaps.
Toyota was last in the market in May with Toyota Auto Receivables 2013-A transaction. That deal priced the shorter-dated notes, at slightly tighter spreads. The one-year, triple-A priced at 5 basis points over the EDSF and the two-year notes priced at 16 basis points interpolated swaps.
The three-year notes priced at considerably tighter levels, at 18 basis points over interpolated swaps.
Moody’s Investors Service and Standard & Poor’s assigned preliminary rating on the deal.
J.P Morgan, Barclays and Credit Agricole Securities are joint bookrunners; Citigroup, RBC Capital Markets, SMBC Nikko and Societe Generale are co-managers, according to a pricing document on the deal.
Ford offered guidance on its $1.15 billion credit floorplan master owner trust 2013-5. Fitch Ratings and S&P assigned ratings on the deal.
The class A1, triple-A notes, structured with a 2.99-year weighted average life are being between 47 basis points and 50 basis points over interpolated swaps. The 2.99-year, class A2 notes are being talked between 47 and 50 basis points over the one month Libor. These tranches will be sized according to investor demand.
The $45.7 million, 2.99-years, double-A rated class B notes are being talked at 85 basis points area over interpolated swaps. The $65.3 million, 2.99-year, single –A rated C notes are being talked at 110 basis points area. The structure will also include triple-B rated D notes but priced guidance was not available on the notes.
Barclays, Citi, Goldman Sachs and JP Morgan are lead managers on the deal.