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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2 Citi 6,449 21 10.96
3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

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5 Credit Suisse 44,689.16 138 5.25%