California Republic is marketing another $400 million auto loan securitization, its second of the year.

The deal, California Republic Auto Receivables Trust 2016-2, will issue a money market tranche and three term tranches with preliminary triple-A ratings from DBRS and Standard & Poor’s. All benefit from initial credit enhancement of 10.2%. There are also two subordinated tranches; one rated single-A with credit enhancement of 3.45% and another rated triple-BBB with 0.25% credit enhancement.

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