Subprime lenders are adding $1.74 billion to the auto-loan ABS market this week in a trio of deals marking the second issuance of the year for each.

The $1.32 billion Santander Drive Auto Receivables Trust (SDART) 2017-2 is similar to Santander Consumer USA's first deal of the year, with the exception of slightly higher initial credit enhancement of 52.1% for the senior notes. SDART 2017-2 will issue a $245 million money market tranche and two senior-term tranches of fixed-rate notes sized at $343 million (due March 2020) and $147.3 million (due December 2020). The senior notes carry preliminary triple-A ratings from S&P Global Ratings and Fitch Ratings.

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