Nissan and Mercedes Benz priced two deals they were marketing this week according to pricing term sheets filed on both deals.
Nissan announced its deal last week. On Tuesday, the issuer upsized its deal to $1.42 billion from $1 billion, according to a regulatory filing and priced deal wide of its May issue, NAROT 2013-A.
J.P Morgan, Citigroup and Societe Generale are the lead agents.
Moody’s Investors Service and Fitch Ratings rated the deal, Nissan Auto Receivables 2013-B Owner Trust. The money market class priced with a coupon rate of .21%. The 1.10-year, ‘Aaa’/ ‘AAA’ rated class A-2 notes priced at 16 basis points over the Eurodollar synthetic forward rate. The 2.32-year, ‘Aaa’/ ‘AAA’ rated, class A-3 notes priced at 25 basis points over interpolated swaps and the class A-4, ‘Aaa’/ ‘AAA’ rated, 3.57-year notes priced at 30 basis points.
In May, Nissan priced the A-2a notes with an average life of maturity of 1.25-years, at 14 basis points over the Eurodollar synthetic forward rate. The $360 million, 1.98-year, triple-A rated, class A-3 notes priced at 24 basis points over the Eurodollar synthetic forward rate
Also pricing this week is the $975 million Mercedes-Benz Auto Receivables Trust (MBART) 2013-1. The deal’s money market class priced at a coupon rate of .22%.
Fitch assigned ratings to the deal. The 1.03-year, ‘AAA’, class A2 notes priced at 16 basis points over the Eurodollar synthetic forward rate. The 2.16-year, ‘AAA’, class A3 notes priced at 25 basis points over interpolated swaps and the 3.16-year, class A4 notes priced at 35 basis points.
