California Republic Bank plans to issue its third auto loan securitization of the year, according to deal documents.
Credit Suisse is the lead underwriter of the $275 million transaction, California Republic Auto Receivables Trust 2014-3.
The deal is structured with $38.3 million of class A-1 money market fund notes that are due Sept. 15, 2015. Also offered under are three additional tranches of class A senior notes. The $74 million class A2 notes are due June 15, 2017; the $69 million of class A3 notes are due Nov. 15, 2018; and the $67 million class A4 notes are due March 16, 2020.
The notes have not been rated yet but according to deal documents the issuer expects to obtain ratings from at least two nationally recognized statistical rating organizations.
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.