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Flagship subprime auto ABS bond bests prior levels

By Joy Wiltermuth

NEW YORK, March 5 (IFR) - A handful of structured finance deals priced on Thursday, including a credit card deal from Barclays (LSE: BARC.L - news) , two CMBS deals and a subprime auto transaction from Flagship Credit.

The biggest trade of the day was a US$500m card deal from Barclay's Dryrock shelf called DROCK 2015-1, which printed its sole 4.93-year Triple A tranche at Interpolated Swaps plus 50bp.

That was 14bp wide of the last issue from the Barclays shelf in November, but from a shorter 2.97-year bond, which typically would price tighter, according to IFR data.

The Flagship trade, a US$280.725m issue called FCAT 2015-1, was the stand out.

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Overall, its pricing levels narrowed versus the issuer's prior print in October.

While its top AA rated 1.33-year class cleared flat to the October issue at EDSF plus 100bp, both its BBB/BBB class and bottom BB-/BB tranches rallied by 25bp.

STRUCTURED FINANCE WRAP FOR 3/5/15:

ABS PRICED:

DROCK 2015-1: US$500m credit card ABS backed by prime Visa (Xetra: A0NC7B - news) , Mastercard, and American Express (Swiss: AXP.SW - news) cards. Barclays.

FCAT 2015-1: US$280.725m subprime auto ABS from Flagship Credit. Wells Fargo (Hanover: NWT.HA - news) (str) and Barclays.

ABS PENDING:

SMART 2015-1US: US$350m Australian prime auto ABS from Macquarie with tranches denominated in USD. JPM (str), Citi, and RBS (LSE: RBS.L - news) . Expected to be formally announced next week.

DRIVE 2015-A: US$712m subprime auto ABS from Santander Consumer USA. First (Other OTC: FSTC - news) post-crisis issuance of the DRIVE shelf since 2006. Citi (str) and Deutsche Bank (Xetra: 514000 - news) .

ALLY 2015-SN1: US$1bn auto lease ABS from Ally Financial (NYSE: ALLY - news) currently in pre-marketing. Citi (str), Deutsche Bank, Societe Generale.

CMBS PRICED:

FREMF 2015-KKA: US$734.486m multifamily CMBS from Freddie Mac. Wells Fargo (str) and Credit Suisse (NYSE: CS - news) .

MSC 2015-XLF1: US$348.4m CMBS conduit. 4 loans on 12 properties. 40% cut-off LTV, 3.25x DSCR, 10.8% debt yield. Morgan Stanley (Xetra: 885836 - news) .

CMBS PENDING:

MSC 2015-420: US$245m single asset CMBS on 420 Lexington Avenue. Morgan Stanley.

RMBS PRICED:

OHART 2015-NPL1: US$267m residential nonperforming securitization from Oak Hill Advisors. Wells Fargo.

CLO PRICED:

Sound Point VIII: US$625m CLO managed by Sound Point Capital Management. Morgan Stanley. (Reporting by Joy Wiltermuth; additional reporting by Andrew Park; editing by Shankar Ramakrishnan)