EU auto ABS surge continues with GlobalDrive
FCE bank, Ford’s European finance unit, is preparing to issue GlobalDrive Auto Receivables UK 2019-A, a short-dated auto ABS with Lloyds and BNP Paribas arranging alongside NatWest and Santander as joint lead managers.
The deal has a triple-A rated senior tranche offering a floating rate coupon over Sonia with a weighted average life (WAL) of 1.05 years, and a double-A rated tranche with a WAL of 2.43. A third class ‘C’ tranche is being retained at issuance.The leads are ...
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