The new-issue market for consumer asset backed securities is kicking off 2014 with two non-prime auto deals, one from Santander and another from American Credit.

Santander filed a registration with the Securities and Exchange Commission this week to issue $1 billion of securities backed by non-prime loans. The deal, dubbed Santander Drive Auto Receivables Trust 2014-1, is being lead by Barclays and Bank of America Merrill Lynch. Citigroup, JP Morgan, RBC Capital Markets and Santanderare co-managers on the class A notes. The structure will also offer class B, C, D and E notes.

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