Fifth Third Bank is in the market with $500 million of notes backed by prime retail auto loans, according to rating agency presale reports.

Credit Suisse and Barclays are the lead underwriters.

Fifth Third Auto Trust 2013-A (FITAT 2013-A) is the lender’s first securitization since 2008, and it is fifth ever. The transaction is structured as a grantor trust, which allows for a variety of maturities.

A $114 million tranche maturing in April 2014 has a preliminary ‘A-1’ rating from Moody’s Investors Service and a ‘A-1’ rating from Standard & Poor’s.

There are also three senior tranches rated ‘Aaa’/’AAA’: $155 million of notes due January 2016; $157 million of notes due September 2017; and $55.25 million of notes due April 2019.

A $10 million subordinated tranche due April 2019 is rated ‘A2’/‘A’ and an $8.75 million subordinated tranche due June 2020 is rated ‘Baa3’/‘BBB’.

In their presale reports, Moody’s and S&P noted that Fifth Third’s latest offering has a higher percentage of loans backed by new vehicles, shorter weighted average original term, much lower LTV, and much higher weighted average FICO than its 2008 deal.

The weighted average FICO is 800, with a 720 minimum score, up from 742 and a 650 minimum in the 2008 deal. The weighted average original LTV of the pool decreased to 80.5% from 97.5%. The percentage of the receivables balance representing new vehicles increased to approximately 73.5% from 41.5%. And the weighted average seasoning decreased to 5.5 months from approximately 11 months.

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