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.  

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