Banque PSA sells club deal as RCI Banque preps its own auto ABS
Banque PSA has sold €450m of senior auto ABS bonds in a club deal, leaving other ABS investors to wait until next week to pick up French paper when RCI Banque is expected to come to market — although potentially at a much tighter spread.
Banque PSA sold the notes on Friday from the senior tranche of an auto ABS it retained in July.
Deutsche Bank and Natixis priced the 450m of triple-A rated 3.18 year bonds above par at a discount margin of 110bp over one-month Euribor. Banque PSA has kept the
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