Mercedes-Benz sets spread record for German auto ABS

Mercedes GT3
By Tom Brown
22 Apr 2021

Mercedes-Benz bank has priced its Silver Arrow 13 transaction at 11bp over one month Euribor, setting a post-global financial crisis record low for German auto ABS spreads.

The pricing came in 5bp from initial price thoughts, with UniCredit arranging the transaction.

German auto ABS in March had priced at around 13bp over, only 1bp above the post-GFC tights set by record deals launched in 2018.

The books were 1.4 times covered at the first update, ...

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