Fifth Third and California Republic Bank priced a total of$1.7 billion of auto loan backed securities Wednesday.

Fifth Third upsized its transaction, Fifth Third Auto Trust 2014-2 to $1.5 billion from $1 billion, according to a regulatory filing. The issuer began marketing the deal in late May.

The trust sold the triple-A,1.15-year class A-2, fixed-rated notes priced at 16 basis points over the eurodollar synthetic forward curve. The floating-rate triple-A notes priced at 16 basis points over one-month Libor. The triple-A-rated, 2.35-years, class A3 notes priced at swaps plus 21 basis points and the 3.36-years, triple-A rated, A4 notes priced at swaps plus 27 basis points.

By comparison the 1.05-year notes from Fifth Third’s previous securitization, completed in February, priced at 19 basis points over the eurodollar synthetic forward curve, while the 2.10-year and 3.22-year notes priced at 20 basis points over interpolated swaps curve and 25 basis points respectively.

The underwriters are Citigroup, Morgan Stanley, RBC Capital Markets, and RBS.

California Republic Bank also priced its second auto loan securitization of the year, according to a regulatory filing.

Credit Suisse is the lead underwriter of the $225 million deal, California Republic Auto Receivables Trust 2014-2.

Standard & Poor’s and DBRS assigned ratings to the deal. The $31.4 million tranche of money market fund notes, rated  ‘A-1+’ priced at par with a coupon of 0.22%.

Three tranches of triple-A notes, totaling $172.6 million, were offered. The 0.95-year, class A-2 notes priced at 28 basis points over the eurodollar synthetic forward. By comparison, the issuer priced the short-dated, triple-A notes from its 2014-1 transaction, issued in March, at a spread of 35 basis points over EDSF.

The two-year, class A3 notes from the latest deal priced at 37 basis points over interpolated swaps curve. The 3.29-year, class A-4 notes priced at 50 basis points over interpolated swap.

The trust also issued two subordinate tranches: the 4.24-year, ‘A+’ notes priced at 90 basis points over interpolated swaps and the 4.26-year, ‘BBB’ –rated notes priced at 185 basis points over interpolated swaps curve. 

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