Santander Consumer Bank sold an upsized €700 million auto-backed deal.

WestLB and Natixis served as joint leads on the deal.  The auto securitization, which was backed by German loans, priced today.

The 1.8-year class A notes priced at a spread of 105 basis points over one-month Euribor, according to a Barclays Capital report. This was right in line with an initial price guidance of 100 basis points to 110 basis points over one-month Euribor.

Meanwhile, the four-year class B notes priced at a spread of 150 basis points over one-month Euribor, Barclays said.

There was good demand for the German auto ABS as the final order book was 1.35 times subscribed, according to Barclays.

Earlier Monday, analysts were expecting the deal's  'AAA' €567 million Class A notes with a 1.77-year weighted average life to be priced inside of Renault's €873 million auto deal called Cars Alliance 2010-1.  

The Cars transaction was the French automaker's first public sale of bonds backed by German auto loans. Credit Agricole and Societe Generale managed the sale. 

The new Santander deal comes on the heels of another auto-backed transaction by Santander.   

Earlier this month, Santander came to market with €493.5 million in A notes, which priced 70 basis points above the three-month Euribor. The deal was earlier featured on StructuredFinanceNews.com

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