RCI Banque: issuance of auto abs backed by loans granted in France for 700 million euros
Le 24 October 2014
RCI announces the issuance of a securitization backed by auto loans granted in France.
FCT Cars Alliance Auto Loans France V 2012-1 issued € 700m of notes rated AAA by Moody's and DBRS with a 1 month Euribor + 0.54% coupon and a 2.1 year weighted average life.
This issuance finalizes the restructuring of the French securitization program, originally established in 2002 with a single Master Trust structure, and which is now organized around three distinct SPV, dedicated respectively to the issuance of ECB eligible notes retained by RCI Banque, as well as fixed rate and floating rate publicly sold.
ABS Investors who have bought our floating rate ABS notes for the past 10 years but did not have the possibility to participate in the last transaction launched in June due to its fixed rate format now had the option to buy a floating rate ABS backed by a similar underlying portfolio.
The success of the deal, originally announced for € 500 m and upsized to € 700 m on the basis of an order book exceeding € 1.2 bn demonstrates investor confidence in RCI Banque assets and management process.
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