RCI Banque prices tight with big UK buying

23 Oct 2012

RCI Banque was able to print the senior notes from its French auto loan ABS at 54bp over one-month Euribor on Wednesday afternoon, in a deal driven by interest from UK bank treasuries and asset managers.

After building a €1.25bn book at guidance of one-month Euribor plus 55bp area for the 2.1 year ‘A’ tranche, leads Crédit Agricole, Natixis and Société Générale decided to print €700m of notes — increased from €500m originally — at 54bp over.

Some investors questioned the decision to tighten by ...

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