Auto spreads steady after RCI Banque deal

Spreads for outstanding French auto ABS were unaffected by RCI Banque’s deal this week as pricing largely met traders’ expectations (see cover story for details). Elsewhere, prime paper on this week’s bid lists was digested, although investor focus continues to shift towards higher yielding opportunities, particularly from Italy.

  • 26 Oct 2012

RCI Banque sold the senior notes in FCT Cars Alliance 2012-1 at 54bp over one month Euribor. This was only 1bp inside price guidance and not tight enough to cause other outstanding French auto ABS bonds to track tighter.

"The pricing made sense to me," one ABS trader ...

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1 Bank of America Merrill Lynch (BAML) 7,026 25 11.95
2 Citi 6,449 21 10.96
3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

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2 Rabobank 1,292.64 1 9.39%
4 Mizuho 1,215.54 3 8.83%
5 Wells Fargo Securities 1,012.71 4 7.36%