California Republic Bank is readying its second auto loan securitization of the year, according to  presale report published by Standard & Poor's.

Credit Suisseis the lead underwriter of the $225 million deal, California Republic Auto Receivables Trust 2014-2.

S&P expects to rate $31.4 million of money market fund notes, ‘A-1+’.  Three tranches of triple-A notes will also be issued, totaling $172.6 million. The class A-2 notes are due March 15. 2017; the class A3 notes are due August 15, 2018; and the class A-4 notes are due December 16, 2019.

The trust will also issue two subordinate tranches rated ‘A+’ and ‘BBB’ that are die April 15, 2020 and February 16, 2021, respectively.

The notes have lower credit enhancement compared to the 2014-1 transaction issued in March. For example, 2014-2’s class A notes benefit from subordination at 9.35%, compared with 10.25% for the previous deal.

However the weighted average FICO in the latest deal increased to 693 from 691 and the weighted average loan-to-value decreased to 113.41% from 114.34%. The portion of longer-term loans, loans with a term of 61-75 months, also decreased to 77.47% from 78.35%.

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