California Republic Bank plans to issue a $247 million securitization of prime auto loans dubbed California Republic Auto Receivables Trust 2013-2.
The deal solidifies the issuer as a regular in the securitization market. It is the issuer’s third deal since it debut securitization deal in Nov. 2012.
The size of its current deal is similar to its June transaction, a $248 million deal dubbed California Republic Auto Receivables Trust 2013-1 that was underwritten by Credit Suisse.
Moody's Investors Service has assigned provisional ratings of P-1’ to the Class A-1 notes that will be marketed to money market fund investors. The class A-2 notes are rated Aa3’, the Class B notes are rated A2’, and the Class C notes are rated Baa3’.