No surprise, Santander's $891.14 million subprime auto loan securitization priced wide of levels on deals that came to market last month. 

Credit Suisse and Deutsche Bank were the joint bookrunners of the deal, Santander Drive Auto Receivables Trust 2013-4.

A $265.7 million tranche with an ‘Aaa’/ ‘AAA’ rating from Moody’s Investors Service and Standard & Poor’s and a weighted average life of 0.9 years priced at 57 basis points over the Eurodollar synthetic forward curve (EDSF), according to a regulatory filing.

That was somewhat wider than a similar tranche on a deal priced by Ally Financial on June 20. That deal had an ‘AAA’-rated, 1.24-year tranche with a spread of 40 basis points over EDSF.

Santander’s latest deal also has a $182.49 million, ‘Aaa’/’AAA’ rated, 1.97 year tranche that priced at 62 basis points over EDSF.

A $95.22 million, ‘AA1’/AA rated, 2.74 year class priced at 145 basis points over interpolated swaps, and $117.19 million, ‘A2/A’ rated, 3.45 year class priced at 230 basis points over interpolated swaps.

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