Toyota Motor Credit priced a $1.5 billion securitization of prime fixed-rate auto loans called Toyota Auto Receivables 2015-A, according to a regulatory filing.

Barclays, J.P. Morgan Securities and RBC Capital Markets are the lead managers.

Standard & Poor’s and Moody’s Investors Service rated the deal, assigning triple-A ratings to three senior tranches.

The $445 million class A-2 notes with a weighted average life (WAL) of 1.0 year pay 0.71%, or 24 basis points over the Eurodollar synthetic forward curve; the $476.5 million class A-3 notes with a WAL of 2.08 years pay 25 basis points over interpolated swaps and the $121 million class A-4 notes with a WAL of 3.27 year pay 27 basis points over swaps.

Pricing on the money market tranche and a $31.3 million subordinate were not disclosed in the filing. Toyota typically retains the money market tranche of its auto loan securitizations; it funds this maturity through a separate commercial paper program.

The notes are backed by a pool of most new car loans underwritten by Toyota. The pool composition is similar to the issuer’s prior deal, 2014-C. However loans included in the 2015-A transaction have been paying for average 15.3 months compared with 14,9 months for the previous deal. The loans in the current deal are also more levered with an average loan-to-value ratio of 95.8%, compared with 95.6% in the previous deal.

Another difference is that the proportion of loans with terms of 61 to 72 months increased to 24.6% of the latest pool compared with 22.6% of the previous pool.

The most recent prime auto loan securitization to price was from Honda in January. The one-year tranche pays 28 basis points over the EDSF, the two-year tranche pays 27 basis points over swaps and the three-year tranche also pays swaps plus 27 basis points.

World Omni is currently in the market with $700 million of bonds backed by prime auto loans.

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