Santander Consumer UK’s auto deal opens the door to 144A
The sheer scale of demand shown by US investors for Santander Consumer UK’s Motor 2012-1 auto ABS will alert other European borrowers to the 144A format — though those with US shelves may think twice about following suit.
"This deal shows the US market is ready for European issuers," said a syndicate lead on the deal. "It was a true benchmark deal."
Bankers away from the deal, which drew heavy demand, agreed that it was an important trade for the market.
"It will certainly encourage more European
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