AmeriCredit Financial Services, a subsidiary of General Motors Financial, priced its first securitization of 2012, a $1 billion asset-backed deal backed by subprime auto loan receivables, this afternoon. The fixed-rate transaction priced mostly at par at healthy subscription levels and tighter than original guidance, market players said.
The deal’s $204.9 million A-1 money market tranche—rated A-1+/P-1 by Standard & Poor’s and Moody’s Investors Service, respectively—priced at 6 basis points under international LIBOR; the $366.7 million A-2, rated AAA/Aaa, priced at 45 bps over EDSF; the $137.16 million A-3, rated AAA/Aaa, priced at 70 bps over interpolated swaps; the $76.923 million B tranche, rated AA/Aa1, priced at 115 bps over interpolated swaps; the $95.49 million C tranche, rated A+/A1, priced at 200 bps over interpolated....