SocGen equipment loan ABS finds broad distribution

Investor interest in Société Générale’s Red & Black TME Germany was undimmed during pricing on Wednesday, even at a final spread that came close to top tier auto ABS despite being a new asset class — equipment loans — and a new issuer.

  • 06 Feb 2013

Leads Credit Suisse and Société Générale priced the deal at 50bp over one month Euribor for the one year €513m class ‘A’ notes.

“The pricing is pretty phenomenal for this type of collateral,” said one banker on the deal. “It’s an inaugural issuer and inaugural asset class, and ...

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Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 6,415 22 12.84
2 Citi 5,781 17 11.57
3 BNP Paribas 3,530 14 7.06
4 Credit Suisse 2,783 8 5.57
5 Rabobank 2,633 4 5.27

Bookrunners of Global Structured Finance

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1 Citi 99,251.11 279 13.15%
2 Bank of America Merrill Lynch 90,895.27 265 12.04%
3 Wells Fargo Securities 72,661.39 222 9.63%
4 JPMorgan 52,367.24 169 6.94%
5 Credit Suisse 41,885.89 127 5.55%