Midlantic National Bank issued $411 million of debt securities backed by auto loans.
The issue, known as Midlantic Auto Grantor Trust 1992-1, was priced in two parts by Bear, Stearns & Co. The $369.9 million class A 4.30% certificates were priced at 99.7962 to yield 4.50%, or 70 basis points over two-year Treasury notes. The securities were rated triple-A by Moody's Investors Service and Standard & Poor's Corp.
Pricing on the $41.1 million in class B certificates was not disclosed. The certificates were rated Baa2 by Moody's and A-minus by S&P.
