Nissan Motor Acceptance Corp. (NMAC) is motoring into the primary market with a $1 billion deal backed by prime auto loans, according to a presale report by Fitch Ratings.

The auto manufacturer’s second deal of the year has five traches. Three are triple-A, a short duration piece is ‘F1+sf’, and a fifth chunk for $41.7 million carries no rating and provides subordination to the other four. All the rated tranches have an initial credit enhancement of 4.25%.

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