Santander priced its upsized $1.5 billion non-prime auto loan securitization dubbed Santander Drive Auto Receivables Trust 2014-1.

The triple-A rated, one-year floating and fixed rate notes priced at 37 basis points over the one month Libor and 35 basis points over the eurodollar synthetic forward curve, respectively. 

A November subprime auto loan deal by Santander launched the floating rate,triple-A notes at slightly wider spreads.

The class A3 notes with a 1.95-year average life priced at 43 basis points over the eurodollar synthetic forward curve.  By comparison the class A3 notes on the issuer’s Nov. deal priced five basis points wider.

The 2.46-year, double-A rated notes priced at 90 basis points over interpolated swaps curve and the single-A, 3.26-year notes priced at 135 basis points; both priced ten basis points tighter than the issuer’s last deal.

The triple-B, 4-year notes also priced ten basis points tighter,at 160 basis points.

Santander retained the double-B notes in its latest deal. The deal is led by Barclays and Bank of America Merrill Lynch. Citigroup, JP MorganRBC Capital Markets and Santander are co-managers on the class A notes. 

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