Santander Subprime Auto ABS Priced

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.