Four-tranche success for SAIC-GMAC’s second 2017 ABS
SAIC-GMAC Automotive Finance has made a rapid return to the China auto ABS market with its second deal of 2017. This time around, the firm opted for four tranches with its Rmb4bn ($580m) Rongteng 2017-2 Retail Auto Mortgage Loan Securitization.
Although the size of the transaction is the same as Rongteng 2017-1 and 2016-2 at Rmb4bn, the new deal did not have the same two-tranche structure. Instead, it featured three senior portions followed by a Rmb220m equity piece at the bottom, to be retained by the originator.
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