California Republic Bank staged a return to the securitization market with its $238 million California Republic Auto Receivables Trust 2013-1.
The issuer came to market its debut deal last November. Moody’s Investors Service which rated CRB’s both deals, said in a presale report that the prior transaction currently has about 7 months of seasoning and is performing within expectations.
The CRART 2013-1 transaction is a securitization of prime-quality retail installment auto loan contracts originated to CRB obligors.
The transaction is structured as a static owner trust, which allows for a variety of maturities suited to the needs of investors.
Moody’s assigned the class A-1, A-2, B and C notes a ratings of ‘P-1’, ‘Aa3’, ‘A2’ and ‘Baa3.
CRART 2013-1 has a higher FICO and a higher percentage of new vehicles when compared to the issuer’s debut deal. The new deal also includes obligor in Texas and Arizona, not just California as the 2012 deals did.
CRB began operations in 2007 and began underwriting auto loans in 2011. It is a wholly-owned subsidiary of California Republic Bancorp and is headquartered in Irvine, California.