CarMax is in the market with $1 billion of bonds backed by prime auto loans, its fourth deal of 2014 according to Fitch Ratings.

CarMax Auto Owner Trust (CAOT) 2014-4 will issue a $157 million money market tranche and three tranches with preliminary ‘AAA’ ratings from Fitch: a $330 million tranche with a final maturity of February 2018; a $348.5 million tranche maturing in November 2019 and a $100 million tranche maturing in July 2020. All benefit from credit enhancement of 6.7%.

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