AmeriCredit priced its latest, $877 million subprime auto loan securitization at tighter spreads than an $891 million deal Santander brought to market in early July.
The $279 million, 0.90-year, triple-As from the AmeriCredit Automobile Receivables Trust 2013-4 priced 3 basis points over the Eurodollar synthetic forward curve (EDSF), according to a regulatory filing.
By contrast, in July Santander priced the 0.9-year, triple-As from its Santander Drive Auto Receivables Trust 2013-4 at 57 basis points over the EDSF.
AmeriCredit also priced the 2.12-year, triple-As at 45 basis points over interpolated swaps.
Further down the credit curve, the issuer priced its double-A notes at 90 basis points; the single-A notes priced at 175 basis points and the triple-B notes priced at 215 basis points.
Santander’s subordinate tranches priced 55 basis points wider with the structure’s 2.74 –year, double-As priced at 145 basis points and the 3.45- year, single-A notes priced at 230 basis points.
The AMCAR 2013-4 issuance is AmeriCredit’s fourth securitization in 2013. Fitch Ratings and Standard & Poor’s rated the deal. JP Morgan, Barclays, RBC Capital Markets and RBS are lead managers on the deal.
AmeriCredit issued its series 2013-1 transaction in January, its series 2013-2 transaction in April, and its series 2013-3 transaction in June.