Honda  is in the market with its first securitization of retail auto loans of the year.

The $1 billion deal, Honda Auto Receivables 2014-1 Owner Trust, will issue a $277 million money market tranche and three longer-dated tranches with preliminary 'AAA'/'Aaa' ratings from Fitch Ratings and Moody's Investors Service: a $303 million tranche maturing in August 2016, a $330 million tranche maturing in December 2017, and a $90 million tranche maturing in February 2020. All benefit from credit enhancement of 2.5%. JP Morgan Securities is lead manager on the deal.

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