Toyota Motor Credit is marketing $1.32 billion of securities backed by prime auto loan receivables, according to Moody's Investors Service.
The deal, Toyota Auto receivables 2015-C Owner Trust will offer $359 million of money market notes, rated P-1’, $407 million of class A-2a notes rated Aaa’; $342 million of class A-2 notes rated Aaa’ and $110.75 million of class A-4 notes rated Aaa.'
At the subordinate level the trust will offer $31.2 million of class B notes rated Aa3’.
The issuer expects to price the class A2A notes at 35 basis points over euro dollar synthetic forward swaps and the A-4 notes in the 40 basis points area over swaps, according to price guidance information reported by Interactive Data.
Price guidance is in line with what Honda paid last week, on its most recent prime, auto loan securitization, Honda Auto Receivables 2015-3. The A2 notes, due November 2017 priced at 37 basis points over euro dollar synthetic forward swaps and the A4 notes, due October 2021, priced at 40 basis points over swaps.
Toyoto's latest deal is the third from the issuer's auto receivables trust in 2015. The pool features loans with higher APR and a weighted average FICO that's lower than the issuer's previous transaction. The loans have a weighted average FICO score of 755, two points lower than the 2015-B; and a WA APR of 2.10%.
Most of the loans in the pool (80.42%) are for new car loans and have, on average, another 45.75 months of payments left.
Barclays, Mitsubishi UFJ and Societe Generale are the lead underwriters on the deal.