BMW Swiss auto ABS features rare currency swap

BMW’s latest auto lease deal featured a unique currency swap mechanism to allow the issuer to issue a euro denominated ABS deal backed by leases in Swiss francs.

  • By Sam Kerr
  • 13 Jul 2017

The swap mechanism on, Bavarian Sky Europe Swiss Auto Leases 2, was put in place by ING, one of the joint managers on the deal along with Bank of America Merrill Lynch.

Because BMW chose to fund in euros rather than Swiss ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 4,755 19 11.75
2 Citi 4,288 14 10.60
3 Rabobank 2,633 4 6.51
4 Goldman Sachs 2,615 4 6.46
5 Barclays 2,603 8 6.43

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 24 Jul 2017
1 Bank of America Merrill Lynch 57,945.74 181 12.35%
2 Citi 57,243.86 174 12.20%
3 Wells Fargo Securities 48,214.86 152 10.28%
4 JPMorgan 33,301.70 114 7.10%
5 Credit Suisse 25,010.27 80 5.33%