Fifth Third Bank is planning its second auto loan securitization of the year, according to a regulatory filing.
Fifth Third Auto Trust 2014-2 will issue $1 billion of floating-rate notes, including $260.4 million of notes due June 15, 2015, $372 million of notes due April 17, 2017, $278 million of notes due November 15, 2018 and $88.6 million of notes due December 15, 2020.
The underwriters are Citigroup, Morgan Stanley, RBC Capital Markets, and RBS.
The loans backing the securities have a weighted average loan-to-value ratio of 89.75%, a weighted average FICO score of 760 (with a minimum of 650), and a weighted average original term of 68.18 months. Just over half, or 51.28%, of the loans are secured by new vehicles and 48.71% by used vehicles.
By comparison the pool of auto loans backing Fifth Third’s previous securitization, completed in February, had a weighted average FICO score of 762 (with a minimum score of 650).
The 1.05-year notes from that deal priced at 19 basis points over the eurodollar synthetic forward curve, while the 2.10-year and 3.22-year t 20 basis points over interpolated swaps curve and 25 basis points respectively.