Toyota and Nissan are marketing a combined $2.5 billion of bonds backed by retail auto loans.

The $1.25 billion Toyota Auto Receivables 2016-C Owner Trust will issue a $345 million money market tranche and three other senior tranches with preliminary ‘AAA’ ratings from Standard & Poor’s that benefit from initial credit enhancement of 2.75%. Similar to prior TAOT transactions, the class B notes are principal-only and will not receive interest payments.

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