Fifth Third Bank grew its second asset-backed securitization issuance of the year to $1.5 billion up from $1.0 billion in a deal it began marketing in late May, according to a regulatory filing. In a presale report, Standard & Poor’s wrote that Fifth Third’s second issuance will consist of prime, fixed-rate vehicle installment sales contracts that are secured by new and used vehicles originated by Fifth Third or its subsidiaries.
The 2014-2 trust is characterized by a weighted average FICO score of 760, slightly down from 2014-1’s average of 763. The ratings company also stated that the pool of auto loans has a weighted average seasoning of 16 months. Citigroup Global Markets Inc. acted as underwriter for the transaction.
