Comps tricky for SocGen German truck ABS

28 Jan 2013

The unusual mix of risks in Red & Black TME Germany 1 UG ABS is set to test analysts on pricing as Société Générale roadshows the securitisation this week. There are few comparables for the trade, which is backed by loans to German businesses to buy trucks and other commercial vehicles.

The roadshow started in Germany on Monday and moves to the Netherlands on Tuesday, Paris on Wednesday and London on Thursday and Friday.

The deal will offer investors €513m of class ‘A’ notes with a one year weighted average life and 15.5% credit enhancement.

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