Today 09/30/2016 - 05:35:16 PM
Peugeot SA 13.595€
CAC 40 4,448.26 PTS
The €361 M€ Class A notes of the securitisation transaction 'Auto ABS FCT Compartment 2013-1' have been successfully placed in the European capital markets on 2nd May 2013.
The transaction is a securitisation of German auto leases originated by Banque PSA Finance German Branch, securitised under French securitisation law with a new compartment of the existing AUTO ABS FCT as issuer. This is a landmark transaction backed by leases and residual values receivables.
Auto ABS FCT Compartment 2013-1 is the 17th transaction completed by Banque PSA Finance, wholly-owned by Peugeot S.A., the 5th backed by German assets, and the 2nd transaction for German auto lease receivables.
J.P. Morgan and HSBC, acting as Joint Arrangers and Joint Lead Managers, were able to price the Class A notes of €361 M€, expected to be rated AAAsf by Fitch and Aaa(sf) by Moodys, at par and in line with guidance at 1-month Euribor plus 80 basis points. The expected weighted average life of the rated notes is 2.7 years.
The oversubscribed order book included 14 high quality accounts from 6 countries, with strong support from core ABS buyers in UK and France. Banks, insurances and fund investors were the dominant account type.
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 in order to support the sales development of PSA Peugeot Citroën Group.