Capital One Financial's first senior/subordinated non-prime auto deal hit the market last week with a big splash as it priced through guidance, likely increasing the chances Capital One will issue that particular type of deal again.

A source familiar with the $700 million deal said it was well oversubscribed and investors were hardly concerned about the deal being Capital One's first unwrapped nonprime auto loan ABS, adding that the reputation of the company's deals helped ease any doubts. "Cap One has had a strong wind at its back for a couple of years," said the source. The deal was shown, primarily to subordinated investors, the week before last.

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