Banco Sabadell has mandated Deutsche Bank for a €1bn Spanish consumer loan ABS, set to offer three tranches with a floating rate coupon priced over three month Euribor.
There is a protected order for €500m in the class ‘A’ tranche, provisionally rated AA(low) by DBRS and Aa3 by Moody’s. All tranches have a weighted average life (WAL) of 1.96 years. The class ‘D’ and ‘E’ notes are being pre-placed at issuance.
DBRS’ rating was based