Red and Black’s first auto ABS offers a premium
Société Générale has increased the size and set the pricing level on its debut German auto ABS, Red & Black Auto Germany 1. With a static portfolio and a shorter maturity, the notes should have theoretically priced tighter than an earlier deal issued by Socram Banque. But, since this is the first auto deal originated by SG’s Bank Deutsche Kraftfahrzeuggewerb (BDK) subsidiary, a premium is justified.
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