Ford Motor Credit Co. priced a total of $1.4 billion of securities backed by dealer inventory financing over two series of notes issued concurrently from its Floorplan Master Owner trust.

Fitch Ratings and Moody’s Investor Service both rated the deals. Barclays is the lead underwriter.

The 2015-1 Series issued two tranches of three-year senior notes with triple-A ratings: the fixed-rate tranche priced at 40 basis points over interpolated swaps and the floating-rate tranche priced at 40 basis points over one-month Libor. There is also a subordinate tranche of double-A rated three-year notes that priced at 60 basis points over interpolated swaps.

By comparison, Nissan sold a series of three-year notes last week at the same spread of 40 basis points.

Ford’s 2015-2 Series issued two tranches of five-year senior notes with triple-A ratings. The fixed-rate tranche priced at 55 basis points over interpolated swaps and the floating-rate tranche priced at 57 basis points over one-month Libor. The subordinate, double-A rated class B notes priced at 75 basis points over interpolated swaps.

The A notes and B notes from both series are structured with credit enhancement at 24.38% and 20.88% respectively.  The securitizations are backed by a revolving pool of dealer floorplan receivables originated from credit lines the issuer makes to retail automotive dealers franchised mainly by Ford Motor Co. selling Ford and Lincoln brand vehicles.

Most of the trust receivables in the transactions are from loans backing new vehicles

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