General Motors has priced its inaugural subprime auto loan backed securitization of 2013.

The deal, Americredit Automobile Receivables Trust 2013-1, was upsized from $972 million originally.

Its shortest-term debt, an $184 million tranche with an average life of 0.22 years, sold at par for a yield of 0.24%, according to a press release GM issued late Tuesday. The tranche is rated ‘A-1’ by Standard & Poor’s and ‘R-1’ by DBRS.

An ‘AAA-rated tranche with an average life of 0.95 years sold at a discount of 99.9967 of par to yield 0.49%;

An ‘AAA’-rated tranche with an average life of 2.16 years sold at 99.99738 to yield 0.61%;

An ‘AA’-rated tranche with an average life of 2.98 years sold at 99.97484 of par to yield 1.07%;

An ‘A’-rated tranche with an average life of 3.56 years sold at 99.9902 of par to yield 1.57%;

A ‘BBB’-rated tranche with an average life of 4.02 years sold at 99.97374 of par to yield 2.09%;

A ‘B’-rated tranche with an average life of 4.04 years sold at 99.9557 to yield 2.64%.

Deutsche Bank, Goldman Sachs, RBC Capital Markets and RBS were joint bookrunners on the deal. Citigroup and Credit Suisse were joint lead managers on the class A notes.

The 2013-1 transaction will have initial credit enhancement of 7.25%, consisting of a 2.00% cash deposit and 5.25% overcollateralization. Total required enhancement will build to 14.25% of the then-outstanding receivable pool balance, which includes the initial 2.00% cash deposit.

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