California Republic Bank priced its third prime auto loan securitization of the year.
Credit Suisse is the lead underwriter of the $275 million transaction, California Republic Auto Receivables Trust 2014-3.
The deal sold the $74 million, one-year class A2 notes at 30 basis points over the Eurodollar synthetic forward ciurve, according to Bloomberg.
The notes were assigned preliminary AAA’ ratings by DBRS.
Compared to the sponsors two previous deals, the pool of collateral backing 2014-3 has a slightly better weighted average FICO of 696; the two prior deals had FICOs of 693 and 691. The pool backing the latest deal is mostly comprised of used car loans, which represent 62.43% of the collateral. The loans have a weighted average remaining term of 69 months.
CRART 2014-2, which priced in June, sold the one-year, class A-2 notes at 28 basis points over the EDSF. The class A-2, one-year notes from the 2014-1 transaction, issued in March, priced at a spread of 35 basis points over EDSF.