Auto spreads steady after RCI Banque deal

Spreads for outstanding French auto ABS were unaffected by RCI Banque’s deal this week as pricing largely met traders’ expectations (see cover story for details). Elsewhere, prime paper on this week’s bid lists was digested, although investor focus continues to shift towards higher yielding opportunities, particularly from Italy.

  • 26 Oct 2012

RCI Banque sold the senior notes in FCT Cars Alliance 2012-1 at 54bp over one month Euribor. This was only 1bp inside price guidance and not tight enough to cause other outstanding French auto ABS bonds to track tighter.

"The pricing made sense to me," one ABS trader ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 4,755 19 11.75
2 Citi 4,288 14 10.60
3 Rabobank 2,633 4 6.51
4 Goldman Sachs 2,615 4 6.46
5 Barclays 2,603 8 6.43

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1 Bank of America Merrill Lynch 57,945.74 181 12.35%
2 Citi 57,243.86 174 12.20%
3 Wells Fargo Securities 48,214.86 152 10.28%
4 JPMorgan 33,301.70 114 7.10%
5 Credit Suisse 25,010.27 80 5.33%