California Republic preps third prime auto deal of year

California Republic Bank announced plans to tap the US ABS market for the third time this year, with a $275m issue backed by prime auto receivables. The deal comes amid growing regulatory scrutiny of the auto lending sector, focused primarily on subprime.
The issuance, CRART 2014-3, includes four senior and two subordinated tranches, according to a presale report published by Standard & Poor’s. S&P has assigned a preliminary rating of A-1+ to the $38.3m A-1 piece, and AAA to the A-2, A-3 and A-4 tranches, which are of $38.3m, $74m,
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