Twice covered Titri tightens
Socram Banque’s French auto ABS, Titrisocram 2012-1, will break through the 100bp barrier when leads BNP Paribas and Natixis price it early on Tuesday afternoon. Final price will be 97bp over one month Euribor.
The 407m 2.3 year senior class was 2.4 times covered at the original 100bp-105bp guidance published on Monday.
The deal is only the third post-crisis French auto ABS. Socram Banque did a shorter deal last year, as did Banque PSA, the captive financing arm of Peugeot. Both came
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