Ford Motor is prepping its second auto securitization of the year, a $1.342 billion deal backed by prime loans.
The deal, Ford Credit Auto ABS Trust 2013-B, will issue three classes of notes with a preliminary ‘AAA’ rating from Standard & Poor’s: $434.8 million of notes due February 2016, $406.4 million of notes due October 2017, and $116.33 million of notes due August 2018.
Bank of America Merrill Lynch, Credit Suisse, and RBC Capital Markets are the lead underwriters.
In its presale report, S&P said the latest deal stacks up similarly to Ford’ previous auto loan securitization issued in February with the ‘AAA’-rated classes of both deals benefitting from subordination of 7%. The weighted average FICO score for the pool decreased slightly, to 724 from 726, and the pool's seasoning increased slightly, to 6.8 months from 6.7 months.