Mitsubishi Motors is planning a $215.1 million auto loan securitization, according to a presale report published by Standard & Poor’s.
Barclays Capital is the underwriter.
MMCA Auto Owner Trust 2014-A will issue a money market class of notes; two fixed-rate tranches with preliminary AAA’ ratings, an AA’ rated tranche and an A’ rated tranche, according to the presale report. The individual tranches have yet to be sized.
MMCA 2014-A is the fifth auto loan securitization sponsored directly by MMCA since 2009. Its previous transaction, series 2012-A, closed in January 2012.
In its presale report, S&P noted several differences between this deal and Mitsubishi’s previous deal: the series 2014-A pool includes approximately 9% in clean-up collateral from series 2009-A and 2010-A, while the series 2012-A did not have any clean-up collateral.
The weighted average seasoning increased to 15.4 months from 5.4 months and the weighted average remaining term decreased to 50.4 months from 58.4 months.
Loans with an original term of 61-72 months increased to 66.9% from 51.4%, however, these loans have a weighted average seasoning of 16.1 months.
The weighted average FICO score decreased to 727.7 from 731.5. Loans with a FICO score higher than 700 decreased to 60.0% from 64.4%, and loans with a FICO score lower than 650 increased to 16.4% from 12.7%.