Santander Norway gears up for euro auto ABS
Santander’s Norwegian consumer finance arm will next week roadshow its debut euro denominated auto ABS, backed by Norwegian loans. The deal comes just a month after the bank privately placed a Swedish auto loan ABS.
Bilkreditt 3 will offer investors 500m of triple-A rated A notes with a weighted average life of 1.32 years. An Nkr 1.096bn A2 tranche with 2.63 year WAL has already been preplaced, and an Nkr840m B tranche will provide credit enhancement for the two senior tranches.
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