Banco Sabadell marketing €1bn consumer ABS

Banco Sabadell for new website
By Tom Brown
09 Sep 2019

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 ...

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