BMW clears euro primary pipeline as Mercedes roars in

Silver Arrow
By Tom Brown
14 May 2020

The European auto ABS market raced back to life on Thursday with BMW pricing the senior notes of its Bavarian Sky 10 deal on the same day as Mercedes-Benz announced its return to the market with Silver Arrow 11.

On Thursday morning, class ‘A’ books were at €1.7bn, leaning towards the tight end of guidance for BMW's deal. The spread was set at 40bp and leads set the issue size at €700m, while the class ‘B’ tranche was retained and priced above par.

Joint lead managers were Commerzbank ...

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