California Republic Bancorp completed a $390 million securitization of prime auto loans, its ninth overall and the seventh deal to be publicly offered.

California Republic Auto Receivables Trust 2015-2 issued four term tranches of class A notes rated triple-A credit by both Standard & Poor’s and DBRS:  the A2 notes with final maturity of February 2018 pay 0.88%; A3 notes with final maturity of August 2019 pay 1.31%; A4 notes with final maturity of January 2021 pay 1.75%.

There is also a single tranche of class B notes with single-A ratings that pay 2.53% and single tranche of class C notes with triple-B ratings that pay 3.62%.

The bank sold all remaining residual interest in the securitized receivables through through a private placement transaction under Rule 144A to qualified institutional buyers.

It will continue to service the underlying receivables on behalf of the trust, for which it will receive an annual fee of 1.0%.

Credit Suisse acted as the underwriter and sole bookrunner, and as the sole placement agent for the certificates.

“We are pleased to have completed our largest securitization transaction,” Jon Wilcox, chief executive of California Republic Bancorp., said in a press release issued this week. He said the bank has issued over $2.5 billion of auto-backed securities to date.

California Republic Bancorp expects to do progressively larger securitizations in the third and fourth quarter. The bank was last in the market in March with a $350 million deal. The class A2 and class A3 notes of that deal pay nearly identical interest rates to the most recent deal; however the class A4 notes pay 1.82%, seven basis points more than the A4 tranche of the latest deal.

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