Toyota and Ally Bank both upsized their latest auto loan securitizations, selling a total of $2.4 billion of 'AAA' rated securities, according to a person familiar with the deals.

Toyota upsized its Toyota Auto Receivables 2014-B Owner Trust  by $25 million to $1.5 billion, pricing the triple-A notes several basis points tighter than a similar tranche of Ally's deal, , according to a person familiar with the deal.

The one-year, class A2 notes priced at a spread of 13 basis points over the eurodollar synthetic forward curve. The two-year, class A3 notes priced at 16 basis points over interpolated swaps and the 3.16-year, class A4 notes priced at 23 basis points over interpolated swaps. 

The trust also issued a tranche of class B notes that was retained by the issuer.

The pool is comprised of 82,327 loans with a weighted average annual percentage rate of 2.09%. The pool has a weighted average FICO score of 756.

This is Toyota's second auto loan securitization of 2014. In its presale report, S&P stated that the collateral is similar to that of the previous deal, completed in March.

RBS, Barclays and J.P. Morgan are names as joint bookrunners on the deal, according to a regulatory filing. Lloyds Securities , SMBC Nikko and Societe General are the co-managers.

Ally Bank upsized its triple-A note offering to $1.4 billion; the issuer originally planned to sell $1.16 billion of the notes. The ntes priced wide of levels set by Toyota’s deal. For example, the 1.13-year, class A2 notes priced at 18 basis points over EDSF. The 2.39-year A3 notes priced at 22 basis points over interpolated swaps and the 3.52-year class A4 notes priced at 30 basis points over interpolated swaps.

Barclays, BofA Merrill Lynch and Credit Suisse are the lead underwriters.

The loans in the pool have a weighted average FICO score of 745.8; a weighted average loan-to-value ratio of 95.8; and 10.1% of the pool is comprised of  loans with original maturities of 73-75 months.

 

 

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