First Investors plans to issue $220 million from its subprime auto loan securitization trust, according to DBRS.
The deal is the issuer’s third of the year. Six tranches will be offered. The $29.5 million of money market notes, rated R-1’ by DBRS are due Nov. 16, 2015. The trust will also offer $148 million of AAA’ rated class A notes which will be offered over two tranches. The class A2 notes are due Nov. 15, 2018 and the class A3 notes are due Nov. 16, 2020.