Santander Consumer UK’s auto deal opens the door to 144A

The sheer scale of demand shown by US investors for Santander Consumer UK’s Motor 2012-1 auto ABS will alert other European borrowers to the 144A format — though those with US shelves may think twice about following suit.

  • 14 Sep 2012

"This deal shows the US market is ready for European issuers," said a syndicate lead on the deal. "It was a true benchmark deal."

Bankers away from the deal, which drew heavy demand, agreed that it was an important trade for the market.

"It will certainly encourage more European ...

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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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3 Wells Fargo Securities 88,761.07 266 9.38%
4 JPMorgan 69,240.12 209 7.32%
5 Credit Suisse 51,560.77 157 5.45%