Ally Launches $408 M ABS

Ally Financial launched a $408 million ABS offering this past Tuesday. Fitch Ratings assigned a preliminary ‘AAA’ ratings to the senior $300 million tranche, which it says benefits from credit enhancement of 27.5%.
Citing the prospectus supplement, a company spokeswoman said Ally Master Owner Trust 2013-3 priced a dealer floorplan auto securitization, upsized from $300 million to $350 million in senior, publicly-offered, floating rate three-year notes.
The supplement also references several classes of subordinated notes within the structure of the securitization which were upsized from approximately $108 million in total to approximately $126 million in total. These subordinated tranches are not being offered under the prospectus supplement and will initially be retained.
She said this offering is unrelated to market share. It was extended for two reasons. First, there is strong investor demand for Ally’s floorplan ABS. And second, it further diversifies the company’s options to efficiently fund our auto finance operations.
To date, Ally has offered new secured U.S. funding transactions totaling approximately $6.9 billion.