‘Aggressive’ pricing as BNP Paribas completes auto deal

31 May 2012

BNP Paribas’ Autonoria 2012-1 this week sold €437m of ‘A’ notes at prices that were deemed aggressive by bankers on and away from the deal. The strength of the originator was a key factor, said bankers.

After opening books late last week, leads BNP Paribas, ING, Lloyds and Santander priced the €437m 2.45 year class ‘A’ notes at 85bp over one month Euribor on Tuesday afternoon.

The order book was 1.3 times covered, with 23 accounts involved in the transaction — in line with ...

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