EU auto ABS surge continues with GlobalDrive

Drag Car Flaming Exhaust
By Tom Brown
04 Sep 2019

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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