Exeter Finance Corp. priced a $500 million securitization of subprime auto loan receivables last week at a blended average coupon of 3.13%, according to a statement released by the company.

The private offering consisted of four tranches of notes issued by Exeter Auto Receivables Trust 2014-3. The senior notes with a weighted average life of 1.02 years were rated ‘AAA’ by DBRS but only earned a ‘AA’ from Standard & Poor's; the two agencies assigned identical ratings of ‘A’, ‘BBB’ and ‘BB’ to the three subordinate tranches.

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