BMW drives off with chunky BavSky China ABS

BMW
By Addison Gong
19 Sep 2018

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.

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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