Today 09/30/2016 - 05:35:16 PM
Peugeot SA 13.595€
CAC 40 4,448.26 PTS
The securitisation transaction, "Auto ABS FCT Compartiment 2013-2" of €470mm, was placed in the European capital markets on June 6th 2013.
The transaction is a securitisation of French auto loans originated by Crédipar, the fully-owned French subsidiary of Banque PSA Finance (wholly-owned by Peugeot S.A.), securitised under French law with a new compartment of the existing AUTO ABS FCT as issuer.
Auto ABS FCT Compartiment 2013-2 is the 19th public transaction of Banque PSA Finance and the ninth transaction with French assets.
The prices of €450mm of Class A notes and €19.7mm of Class B notes amount respectively to 85 basis points and 150 basis points above 1-month Euribor. HSBC and SG acted as Joint Arrangers and Joint Lead Managers.
The Class A notes, rated AAAsf by Fitch and Aaa(sf) by Moody's, were priced at par and in line with guidance. The expected weighted average life of the Class A notes is 2.7 years.
The Class B notes, rated A+sf by Fitch and A2(sf) by Moody's were priced at par. The expected weighted average life of the Class B notes is 4.9 years.
The order book is diversified and includes high quality investors from six countries, with strong support from core ABS buyers in the UK and France. Banks, insurance companies and funds were the dominant account type.
This transaction is part of Banque PSA Finance's strategy to diversify its funding sources and to increase the share of funding from its securitization program in order to support the sales of PSA Peugeot Citroën Group.