Turbo Finance shows ABS squeeze
Pricing and demand on FirstRand Bank’s Turbo Finance 3 has underscored the strength of the sterling auto ABS bid, providing another indicator of just how far the ABS market has rallied this year.
The borrower priced mezzanine notes in the new deal at the level it sold senior paper earlier in the year, and drawn stronger demand to boot.FirstRand Bank sold the £255m 1.13 year senior note in its second Turbo Finance deal at 140bp over one month Libor ...
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