Santander Consumer USA priced its $1 billion securitization of subprime auto loans called Santander Drive Auto Receivables Trust, 2013-5, according to a pricing document filed with the US Securities and Exchange Commission.
The class A notes were rated AAA’/ Aaa’ by Fitch Ratings and Moody’s Investor Service. The class A2B notes with a .95-year weighted average life priced at 38 basis points over the one month Libor. The class A3 notes with a 1.95-year average life priced at 43 basis points over the eurodollar synthetic forward curve.
The AA’/ Aa1’, class B notes structured with a weighted average life of 2.63-years priced at 100 basis points over interpolated swaps curve and the A’/ A2’, 3.40-years class C notes priced at 145 basis points over the interpolated swaps curve.
Further down the credit curve, the BBB’/ Baa2’ notes with a 4.03-year weighted average life priced at 170 basis points over the interpolated swaps curve and the BB’ / Ba2’ notes with a weighted average life of 4.07-years priced at 270 basis points.
