Banque PSA Finance completed its first securitization of Swiss leasing contracts

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10/12/2013 | Paris

The new securitization fund "Auto ABS Swiss Leases 2013 GmbH", set up by Banque PSA Finance, issued senior bonds on November 27h, 2013, backed by a circa 300 million Swiss francs portfolio of Swiss leases.

With this operation, Banque PSA Finance secures an additional financing of approximately 241 million Swiss francs over the next two years (equivalent to 195 M€).

Senior bonds are issued with a floating rate coupon and a two-year redemption profile. They were all bought by a single private investor.

This transaction represents a new venture for Banque PSA Finance as it is the first securitization of Swiss leases by the company, which is sold to a Swiss fund and covers a significant share of residual value (more than a third of the value of the portfolio).

This transaction is part of the Banque PSA Finance strategy to diversify its refinancing sources and to maintain a significant part of securitization in global refinancing structure.


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