Chrysler Financial Corporation issues $500 million of asset-backed certificates through J.P. Morgan Securities Inc

Business Wire, Nov 22, 1994

NEW YORK--(BUSINESS WIRE)--Nov. 22, 1994--Chrysler Financial Corporation today issued $500 million of asset-backed certificates through its CARCO Auto Loan Master Trust.

The certificates, which are rated Aaa by Moody's Investors Service and AAA by Standard & Poor's Ratings Group, have an average life of 2.70 years and were priced at 99.985 to yield 7.889%, or 41 basis points over the corresponding U.S. Treasury. J.P. Morgan Securities Inc. was the lead manager for the transaction.

The assets of the trust are receivables generated through revolving credit agreements entered into by dealers to purchase or finance automobile and light duty truck inventory. The credit enhancement for the transaction is provided by subordination equal to 11.1% of the principal balance of the securities and a reserve fund. This transaction was the second issue by CARCO Auto Loan Master Trust this year and the first for which J.P. Morgan Securities Inc. was lead manager.

CONTACT: J.P. Morgan Securities Inc., New York

Richard Mahony, 212/648-9589