Wyndham Worldwide priced its $250 million timeshare loan securitization, Sierra Timeshare 2013-2 Receivables Funding LLC, this week.

Credit Suisse is the lead underwriter. The deal's single-A rated tranche priced at 150 basis points and the triple-B notes priced at 215 basis points. 

Sierra 2013-2 is the 22nd U.S. term securitization issued by Wyndham Worldwide that includes receivables from both of its subsidiaries, Wyndham Vacation Resorts and Wyndham Resort Development Corp.

In March, the issuer priced its 3.29-year, single-A notes at 100 basis points and its 3.29-year, triple-B notes at 180 basis points, from its Sierra Timeshare 2013-1 Receivables Funding deal.

Compared with the sponsor’s previous transaction, the latest offering has a lower concentration of receivables from WVRI, 62.6% vs 67.3%, which tend to perform not as well as WRDC receivables. However, Fitch said the improved brand concentration is offset by a slightly negative shift toward borrowers with lower FICO scores.


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