Mercedes-Benz readies auto loan ABS comeback
China’s auto ABS market is heating up after a third deal was announced within a week. Mercedes-Benz Auto Finance’s Silver Arrow China 2017-1 is the latest, featuring two hard credit enhancements and a liquidity support of a general reserve amount.
Silver Arrow China 2017-1 will offer investors Rmb5.23bn ($758m) in class A fixed rate notes, with 15.4% credit enhancement, a weighted average life of 0.76 years and a final maturity of December 2022. The Rmb275.3m equity piece represents 4.5% of the initial receivables balance.
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