Toyota Motor Credit Corporation priced its upsized $1.25 billion auto receivables-backe

d securitization deal on Tuesday.

Toyota Auto Receivables 2013-A Owner Trust was originally sized at $1 billion. Moody’s Investor Service and Standard & Poor’s rated the deal.  

The class A-1 money market tranche was resized to $342 million from $274 million but no pricing information was available.

The class A-2 notes were resized to $416 million from $332.3 million and priced at 5 basis points over the Eurodollar synthetic forward, according to a pricing document filed with the U.S. Securities and Exchange Commission. The class A-3 notes were resized to $342 million from $274.5 million and priced at 16 basis points over interpolated swaps; the class A-4 notes we resized to $117.95 million from $94.2 million and priced at 18 basis points. These notes were all rated ‘Aaa’/ ‘AAA’ respectively.

Pricing information for the class B notes was not offered. The tranche was resized to $31.25 million from $25 million.  These notes were rated ‘Aa3’/ ‘AA’ respectively.

Bank of America Merrill Lynch, Morgan Stanley and RBS were  joint bookrunners on the deal. BNP Paribas, Citigroup, Mizuho Securities and Siebert Capital Markets are co-managers on the deal.

Toyota has issued asset-backed securities since 1993. The underlying assets are consumer retail installment sales contracts originated by authorized Toyota and Lexus dealers in the United States. TMCC acts as servicer for all the underlying retail installment sales contracts.  The issuer was last in the market in September 2012.


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