Fifth Third Bank upsized its auto loan backed securitization to $1.25 billion from $1 billon. The deal priced on Tuesday afternoon, according to a pricing term sheet filed with the Securities and Exchange Commission.

The deal, Fifth Third Auto Trust 2014-1, is the issuer’s first for the year. Credit Suisse, Barclays, and JP Morgan are the lead underwriters on the transaction. Deutsche Bank and RBC are named as co-managers on the deal.

Moody’s Investors Service and Standard & Poor’s assigned preliminary ratings of ‘Aaa’ / ‘AAA’ to the three tranches of class A notes marketed to securitization investors.  The 1.05-year, class A-2 notes priced at 19 basis points over Eurodollar synthetic forward curve. The 2.10-year, class A-3 and the 3.22-year, class A-4 notes priced at 20 basis points over interpolated swaps curve and 25 basis points respectively.

According to S&P, the pool of auto loans backing the deal have a weighted average FICO score of 762 (with a minimum score of 650) and a weighted average seasoning of more than 17 months.

This will be the issuer’s third deal since 2008. Fifth Third staged a post financial crisis return in March 2013 with a securitization backed by loans with a weighted average FICO of 800, with a 720 minimum score.  That deal also included loans with a weighted average seasoning of 5.5 months. For its second deal,issued in August2013, Fifth Third securitized a pool of loans with a weighted average FICO of 765. The loans had a weighted average seasoning of 18 months.

Nissan Motor Co. priced its first auto loan securitization of the year some basis points tighter than Fifth Third's deal.

The $1.04 billion Nissan Auto Receivables 2014-A Owner Trust, issued four tranches that benefit from credit enhancement of 4.25%, according to a regulatory filing and rating agency reports.

Bank of America Merrill Lynch is the underwriter.

A $219 million money market tranche has a preliminary ‘F1’ rating from Fitch Ratings. The ‘AAA’ tranche maturing in November 2016, priced at 15 basis points over EDSF, according to an Interactive Data report. The triple-A tranche maturing in August 2018 priced at 15 basis points over interpolated swaps curve and the triple-A tranche maturing in August 2020 priced at 24 basis points.

The notes are backed by receivables from loans for new and used Nissan and Infiniti cars and light-duty trucks manufactured by Nissan and originated and serviced by NMAC. According to Fitch, the collateral composition and credit quality of the latest deal is generally consistent with pools backing Nissan’s prior deals. The borrowers have a weighted average FICO score of 762, new vehicles representing 92.53% of the pool and it is geographically diverse.

Ford Motor Credit Co. priced $1.57 billion of securitization deals backed by dealer floorplan receivables from its Ford Credit Floorplan Master Owner Trust.

The Series 2014-1 and Series 2014-2 issued fix and floating rate notes rated by Standard & Poor’s.

The Series 2014-1 deal is structured with a class tranche split into fixed and floating rate notes that are rated ‘AAA’.  The class A-1 notes priced at swaps plus 40 basis points; the class A-2 notes priced at 40 basis points over one-month Libor. The fixed-rate class B notes rated ‘AA’ priced at swpas plus 60 basis points, according to an Interactive Data report which did not indicate the tenor on the notes. 

For the Series 2014-2 deal, the class A, floating rate notes, rated 'AAA' priced at 50 basis points over one-month Libor and the class B fixed rate notes are rated ‘AA’ priced a swaps plus 70 basis points.

Citigroup, Credit Agricole, Credit Suisse and Goldman Sachs are named as the lead underwriters o both deals in the presale reports.

The receivables backing the Ford deal were originated in connection with dealers purchasing and financing primarily Ford- manufactured new and used car, truck, and utility vehicles, according to the presale report.

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