AutoFinance Group Inc., a wholly owned subsidiary of KeyCorp, priced $103.4 million of securities backed by automobile receivables through underwriters Key Capital Markets Inc. and Credit Suisse First Boston.

The securities were issued via an owner trust, AFG Receivables Trust 1997-B, in three classes: $73.7 million of AAA securities at 50 basis points over Treasuries, $18.7 million of A-plus securities at 77 basis points over Treasuries, and $11 million of triple-B-rated securities at 140 basis points over Treasuries.

"Despite the huge supply of new ABS issues in the market, investor interest in this transaction was extremely high. We were able to tighten pricing several basis points from where a very similar AFG transaction priced in June," said David Kerns, vice president of Key Capital Markets.

AutoFinance Group is a specialty consumer finance company that purchases retail installment contracts from auto dealers in 47 states.

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