Today 09/30/2016 - 05:35:16 PM
Peugeot SA 13.595€
CAC 40 4,448.26 PTS
Banque PSA Finance, wholly-owned by Peugeot S.A., successfully placed all of € 723.6 million senior Class A Notes of the securitisation transaction Auto ABS FCT Compartiment 2012-1 in July 2012.
Senior AAA securities were retained initially by Banque PSA Finance for refinancing with the ECB.
Following market conditions improvement since summer, Banque PSA Finance has decided to place this transaction with institutional investors.
A first block sale took place October 25 up to €460 million, and the subsequent blocks spread out until November 30 for the remaining amount.
The securities were placed at similar prices in different block sales around 110 basis points above 1-month Euribor.
These notes are rated AAAsf by Fitch and AAA(sf) by S&P, with an estimated weighted average life of 3.03 years. For this transaction on the secondary market, Deutsche Bank and Natixis acted as lead managers and book-runners.
Since the 2008 crisis, this issue is the first French auto transaction including the residual value of vehicles.
This transaction is part of the Banque PSA Finance strategy to ensure a broad diversification of its funding sources and an increase of its funding share made under its securitization program.