FCA Bank benefits from taking short option
Italian auto finance bank FCA Bank on Wednesday opted to go for a short maturity for the lowest cost of funding for its latest bond issue. A €800m three year deal achieved just that, pricing with barely any new issue premium.
The bank, created as a joint venture between Fiat and Crédit Agricole in 2015, became the fourth automotive related issuer in the last two weeks to sell a new issue. Last week John Deere, LeasePlan and Peugeot’s finance subsidiary, PSA Banque France, all issued five year deals.
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