GMAC Bank moves closer to German auto ABS rivals

By Joseph McDevitt
27 Jan 2014

GMAC Bank was able to bring its outstanding curve for German auto loan securitizations closer to other German programmes after tight pricing for its latest deal E-Carat 6.

Lead managers Crédit Agricole, Citi and Deutsche Bank priced the €400m of triple-A rated ‘A’ notes, with 10.9% credit enhancement and 1.7 year weighted average life, at one month Euribor plus 40bp. The €17.5m AA-/AA rated (Fitch/S&P) ‘B’ tranche, which has 6.9% credit enhancement and 3.5 year WAL, ...

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