Several auto loan securitizations priced this week. Ford Motor Credit Company’s FORDL 2013-B priced on Wednesday.
The deal priced its triple-A rated, 1.14-year A-2A tranche at 29 basis points over the Eurodollar synthetic forward curve. The 1.14-years, triple-A rated, A-2B notes priced at 27 basis points over one month Libor. The class-A3, 1.80-years, triples-A rated notes priced at 37 basis points over the Eurodollar synthetic forward curve. The 2.27-years, triple-A rated class A-4 notes priced at 46 basis points over the interpolated swaps curve.
Further down the credit spectrum, the deal’s double-A rated, 2.41-years, class B notes priced at 70 basis points the interpolated swaps curve and the single-A rated. 2.50-years, class C notes priced at 95 basis points.
The weighted average FICO score is 746 and weighted average original term is 33 months. All the securitized leases are on new vehicles. Credit Suisse is leading the deal.
Also pricing on Wednesday was World Omni Financial’s $744 million auto lease securitization deal World Omni Automobile Lease Securitization Trust 2013-B..
The class A2, 1.09-years, triple-A rated notes priced 18 basis points over the Eurodollar synthetic forward curve. The triple-A rated, class A3 and A4 notes structured with weighted average maturities of 2.48 and 3.81, priced at 28 and 25 basis points over the interpolated swaps curve, respectively.
The structure also offered $15.61 million of ‘AA’ rated, 3.96-years, class B notes that priced at 70 basis points.
JP Morgan and Barclays are lead managers on the deal.
The securitized loans have a weighted average FICO of 725. Approximately 95% of the pool is made up of new vehicles.
Another auto loan deal priced on Wednesday was Honda Finance Corporation $1.5 billion, HAROT 2013-4. The 1.08-years, triple-A rated, class A2 notes priced at 15 basis points over the Eurodollar synthetic forward curve. The 2.16-years, class A3 notes and the 3.11-years class A4 notes, which are both rated triple-A priced at 23 and 32 basis points over the interpolated swaps curve, respectively.
All the loans are prime, with an average FICO of 756. The lead managers are RBS Securities and Citigroup.
Nissan priced its $685 million auto lease deal on Tuesday. The deal priced its 1.25-years, triple-A rated class A-2A notes at 26 basis points over the Eurodollar synthetic forward curve and the class A-2B, 1.25-years, triple-A notes priced at 27 basis points over the one month Libor. The triple-A rated ,1.89-years class A-3 notes priced at 34 basis points over the Eurodollar synthetic forward curve
The deal is firmly in prime territory, with a weighted average FICO score of 744. Most of the leases are 39 months in length. The seasoning averages 13 months.
Barclays, JP Morgan and RBS Securities are lead managers on the deal.