SAIC-GMAC fast-tracks 2021 auto ABS issuance

car key contract_575px_adobe_23Jul20
By Addison Gong
02 Feb 2021

SAIC-GMAC Automotive Finance Co has wasted no time in making its second appearance in China’s onshore auto loan ABS market this year, selling a Rmb10bn ($1.55bn) Rongteng 2021-2 transaction on Monday.

The Rmb8.57bn class A tranche was priced at 3.15% on Monday, and the Rmb800m class B at 3.8%. The notes have a weighted average life of 0.64 years and 1.87 years, respectively. They are backed by a Rmb630m equity piece, which SAIC-GMAC retained.

The notes landed close ...

Already a subscriber?

Continue reading this article

Try full access to GlobalCapital

Free trial