Santander Consumer USA priced its $1.25 billion securitization of subprime auto receivables called Santander Drive Auto Receivables Trust 2013-1.
The deal’s $355 million, ‘AAA’ rated A-2 notes priced at 18 basis points over the eurodollar spot forward benchmark; the $294 million, ‘AAA’ rated class A-3 notes priced at 25 basis points over the EDSF; the $137 million, ‘AA’ rated B notes, priced at 70 basis points over interest rate swaps; the $169 million ‘A’ rated class C notes priced at 120 basis points; the $109 million of ‘BBB’ rated, D notes priced at 160 points and the $42.3 million of ‘BB’ rated E notes were retained by the issuer, according to a pricing document filed with the U.S. Securities and Exchange Commission on Wednesday.
At closing, there was a weighted average life of 0.85 years for the class A-2 notes; 1.91 years for the class A-3 notes; 2.74 years for the class B notes; 3.44 years for the class C notes; 4.06 years for the class D notes and 4.08 years for the class E notes.
Citibank and Deutsche Bank have been named lead underwriters on the deal. Barclays Capital, JP Morgan and RBC Capital will underwrite only the class A portion of the structure.