Hyundai plans to issue a $1.31 billion prime auto ABS deal called Hyundai Auto Receivables Trust 2013-A (HART 2013-A).

Both Moody’s Investors Service  and Standard & Poor’s have assigned provisional ratings to the notes. The $305 million class A-1 notes are rated ‘P-1’/ ‘A-1+’; the $428 million class A-2 notes are rated ‘Aaa’ / ‘AAA’; the $374 million class A-3 notes are rated ‘Aaa’/ ‘AAA’; the $143 million class A-4 notes are rated ‘Aaa’ / ‘AAA’; the $25.02 million class B notes are rated ‘Aa3’/ ‘AA+’; and the $38.56 million class C notes are rated ‘A2’/ ‘A+’.

Citigroup, Barclays Capital, HSBC and the RBC Capital are joint leads on the deal.

Hyundai’s previous auto loan securitization, the series 2012-C transaction, closed in October 2012. 

According to S&P, auto-related issuance this month exceeds $10 billion vs. $6.4 billion for all of January 2012.  “Hyundai follows several upsized auto deals, including Honda, Ford’s floorplan and Ally, signaling continued strong investor interest,” said S&P. “We expect $105 billion of auto-related ABS in 2013, up from $99 billion in 2012.”

Honda upsized its deal last week to $1.25 billion from $1 billion, the Ford deal was upsized to $1.7 billion from $1.2 billion; while Ally saw its deal grow to $1.6 billion from $940 million.

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