California Republic Bank priced $325 million of bonds backed by prime auto loans, its fourth securitization of the year, according to a regulatory filing.

Credit Suisse was the sole bookrunner.

California Republic Auto Receivable Trust 2014-1 issued six classes of notes:

A $45.5 million money market class rated A-1+ by Standard &Poor’s yields 0.25%; a $91 million ‘AAA’ rated class with a weighted average life (WASL) of 0.95 years yields 38 basis points over the Eurodollar synthetic forward curve; a $78 million ‘AAA’ rated class with a WAL of 2.0 years yields 45 basis points over interpolated swaps; an $80.76 million class with a  WAL of 3.27 years yields 53 basis points over swaps; an ‘A’ rated class with a WAL of 4.23 years yields swaps plus 100 basis points and a ‘BBB’ rated class with a WAL of 4.24 years yields swaps plus 200 basis points.

The receivables backing the deal have a weighted average contract rate of 6.88%, a weighted average term to maturity of 69 months, and a weighted average FICO score of 698. Just over a third, or 36.5%, of the loans are used to purchase new cars; the remaining 63.5% were used to purchase used cars.

Among the risk factors cited in the prospectus is the geographic concentration of the loans; half, or 51.23%, are related to dealers located in California, 30.13% of the receivables are related to dealers located in Texas, and 10.09% of the receivables are related to dealers located in Arizona.

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