American Honda Finance Corp, Ally Financial, Porsche and GM Financial all priced auto-related securitizations this week, bringing total issuance for the year to date to $44 billion, including $28.2 billion of retail auto loan ABS, $9.1 billion in auto lease securitization and $5.4 billion of floorplan financing, according to Standard & Poor’s.

Prime Retail Autos

Honda upsized its prime retail auto loan deal, HAROT 2015-2, to $1 billion from $750 million, according to a pricing document. The issuer priced the one-year, class A2 notes at 23 basis points over the Eurodollar synthetic forward curve [EDSF]; the 2-year, class A3 notes at 20 basis points over interpolated swaps; and the 3-year, class A4 notes at 27 basis points over swaps.

S&P and Fitch Ratings assigned triple-A ratings to the senior notes. This deal was backed by a higher proportion of longer-term loans: those with terms of five years or more account for 16.6% of the 2015-2 pool, which is higher than 14.2% in 2015-1 and 14.2% in 2014-4 and prior pools, according to Fitch.

JP Morgan, BNP and Societe General are the joint lead managers on the deal.

Ally also upsized its nonprime auto loan securitization, CARAT 2015-2, by $200 million to $1.26 billion. The issuer priced the 1.7-year, fixed rate portion of the class A-1 notes, at 40 basis points over EDSF and the floating-rate portion of the A-1 notes at 40 basis points over one-month Libor.  The class A-2, 2-year notes priced at 54 basis points over interpolated swaps; the class A-3, 2.77-year notes at 62 basis points over swaps; and the class A-4, 3.4-year notes at 67 basis points over swaps.

Fitch and S&P assigned triple-A ratings to the senior tranches. The deal pools non-prime loans, which fall below prime but are considered better credits than subprime. The loans finance new and used car loans underwritten by General Motors dealer, Chrysler Group dealers and other non-GM dealers.

Barclays, Credit Suisse and JP Morgan are the lead managers on the deal.

Dealer Inventory Financing

GM Financial upsized its dealer floorplan ABS, GFORT 2015-1, to $750 million from $601 million. The issuer priced the 3-year, class A1 notes at 47 basis points over interpolated swaps.   

The issuer began marketing its inaugural securitization of floorplan financing, or lines of credit to auto dealers, last week. The facilities are used to borrow against auto inventory. The dealer pays donw the credit line as it sells inventory and borrows against it to add new inventory.

Fitch Ratings assigned ‘AAA’ ratings to the notes, which benefit from high credit support of 29.5%. That compares favorably with 26.5% enhancement on triple-A notes issued from recent floorplan deals.

Auto Leases

On the auto lease side, Porsche Financial priced the 1.2-year, class A-2 notes issued under its $700 million PILOT 2015-1, at 27 basis points over EDSF, according to S&P, which rated the notes 'AAA'.

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