Ford issued its upsized $1.43 billion auto floorplan ABS deal today within price guidance.
The deal, credit floorplan master owner trust 2013-5, was originally sized at $1.15 billion. Fitch Ratings and Standard & Poor’s, assigned ratings to the deal.
The class A1, S$325 million, triple-A notes, structured with a 2.99-year weighted average life priced at 47 basis points over interpolated swaps.
The $925 million,2.99-year, class A2 notes priced at 47 basis points over the one month Libor.
The $45.7 million, 2.99-years, double-A rated class B notes are priced at 85 basis points over interpolated swaps.
The single –A rated, class C notes were retained by the issuer. The notes were on Friday being talked at the 110 basis points area.
Barclays, Citi, Goldman Sachs and JP Morgan are lead managers on the deal.
By contrast , Ford priced the series 2013-3, structured with a weighted average life of 1.99-years at tighter spreads. The shorter-dated, triple-A rated notes priced at 30 basis points over Libor and tdouble-A rated notes priced at 65 basis points over Libor.
The longer date, 4.99-years, 2013-4 series priced the triple-A rated notes at 55 basis points over Libor, the double-A rated notes priced at 80 basis points over Libor. Both the 2013-3 and the 2013-4 series placed the C notes with investors.