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GC Asia
SAIC-GMAC fast-tracks 2021 auto ABS issuance
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.
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Latest news from GlobalCapital China
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Further Reading
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Securitization
Toyota sets high bar for China’s ABS market in Year of the Ox
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Bonds
Red-chip trio plot Panda bond returns
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Bonds
CSRC boosts attraction of exchange bonds with new rules
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People & Markets
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