Santander Consumer USA is preparing a $442 million resecuritization of previously unrated notes that were issued by subprime auto loan deals Santander Drive Auto Receivables Trusts (SDART) 2012-5, 2012-6, 2013-1, 2013-2 and 2013-5, according to Standard & Poor's.
The lowest-rated classes issued by the original trusts are currently rated 'AA-' or 'BBB+', according to the S&P presale report.
The seven resecuritization trusts, named SDART 2015-S1 through SDART 2015-S7, will each issue two classes of notes (R1 and R2) that have been assigned preliminary ratings of BBB’ and BB’. These notes have varying maturity dates: S1 notes mature on Sept 2019, the S2 notes mature November 2019, the S3 notes mature March 2020, the S4 notes mature April 2020, the S5 notes mature June 2020, the S6 notes mature October 2020 and the S7 notes mature March 2021.The underlying receivables are subprime auto loan receivables with the lowest weighted average FICOs ranging between 590 and 598 for the underlying pool. The receivables have a high degree of seasoning. The oldest pool, series 2012-5, has been outstanding for 33 months; the youngest pool, series 2013-5, has been outstanding for 18 months.
Citigroup is the lead manager.