BMW drives off with chunky BavSky China ABS

BMW Automotive Finance (China) Co priced a Rmb4.5bn ($656m) Bavarian Sky China 2018-1 securitization this week, its largest China auto ABS deal to date.

  • By Addison Gong
  • 19 Sep 2018

The Rmb3.5bn class A asset backed note was sold at 3.68% after price guidance was announced at 3.3%-4.3%. The Rmb555m class B, meanwhile, was priced at 4.65% while guidance was 4.1%-5.1%. A Rmb445m equity portion was retained by originator BMW.

The senior tranche has a weighted average life ...

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Panda Bonds Top Arrangers

Rank Arranger Share % by Volume
1 Bank of China (BOC) 23.98
2 China Merchants Securities Co 16.10
3 Industrial and Commercial Bank of China (ICBC) 13.41
4 Agricultural Bank of China (ABC) 9.76
5 China Securities 8.13

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Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 CITIC Securities 8,322.47 36 8.60%
2 Goldman Sachs 7,626.77 29 7.88%
3 China International Capital Corp Ltd 5,848.43 34 6.05%
4 Morgan Stanley 5,453.18 37 5.64%
5 UBS 5,300.04 38 5.48%

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Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 16,555.56 147 8.15%
2 Citi 11,604.01 95 5.71%
3 JPMorgan 11,150.73 75 5.49%
4 Standard Chartered Bank 7,774.81 79 3.83%
5 Bank of America Merrill Lynch 7,143.11 58 3.52%

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