Hyundai priced the triple-A notes sold from its $1.13 billion prime auto loan securitization some basis points tighter than
Citigroup, BofAML, Mizuho and RBC Capital Markets are lead managers on the deal, Hyundai Auto Receivables Trust 2014-A.
The triple-A rated notes all priced within Ford’s deal, which priced earlier this month. Hyundai’s triple-A rated tranche with a weighted average life of 1.10-years priced at 16 basis points over the Eurodollar synthetic forward curve.
The triple-A rated notes structured with a weighted average life of 2.35-years priced at 18 basis points over the interpolated swaps curve; and the 3.51-years, triple-A’s priced at 25 basis points over the interpolated swaps curve.
The double-A plus rated, class B notes with a weighted average life of 4.01-years priced at 45 basis points over the interpolated swaps curve. The double-A rated, class C notes with a weighted average life of 4.23-years priced at 65 basis points over the interpolated swaps curve.
Hyundai also sold a single-A minues rated, 4.28-year class D trance at 115 basis points over the interpolated swaps curve.
The loans securitized, purchase Hyundai brand and Kia brand vehicles. According to a deal term sheet filed with the Securities and Exchange Commission, the loans have a weighted average term that range from 24 months to 72 months. The weighted average FICO of the pool is 743.
