Santander priced its third subprime auto loan securitization of 2014, totaling $1.25 billion, according to a regulatory filing. 

The deal, Santander Drive Auto 2014-3, issued eight tranches of notes.

The $256.25 million money market class A1 notes with a weighted average life of 0.21 years, which are rated ‘A-1-’ by Standard & Poor’s and ‘P-1’ by Moody’s Investors Service, priced to yield at 0.25%.

There are also three classes of notes with preliminary triple-A ratings: the $225.75 million class A2A notes priced at a spread of 28 basis points over the eurodollar synthetic figure (EDSF), while the $168 million class A2B notes priced at 28 basis points over one-month LIBOR.  Both classes have a weighted average life of 0.91 years.

The 1.76 year class A3 notes with a weighted average life of 1.76 years priced at 32 basis points over EDSF.

The loans in the pool have a weighted average FICO score of 593 and a weighted average LTV of 111.99%.  The loans have a weighted average remaining term of 64 months and a weighted average original term of 69 months.

Wells Fargo and JP Morgan are the lead underwriters.  Barclays, BofA Merrill Lynch and RBC Capital Markets are co-managers on the class A notes only.

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