SAIC-GMAC prints jumbo Rmb10bn ABS deal

Automobile Production 230x150
By Noah Sin
07 Jun 2018

General Motors’ joint venture sealed a Rmb10.4bn ($1.62bn) deal in the Chinese securitization market on June 6, marking its biggest outing so far. Bankers on the deal said the auto company wanted to bag the cash before onshore rates come under pressure in the second half of the year.

Citic Securities, the lead underwriter and bookrunner, priced the deal on Wednesday afternoon. Bank of Nanjing, China Merchants Bank, Industrial and Commercial Bank of China and Mizuho Bank (China) were joint lead underwriters.

The senior Aa3 rated Rmb2.8bn tranche was priced at 4.79%, landing in the upper half ...

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