Banque PSA revolver offers spread pick-up

Peugeot’s Banque PSA Finance (Baa1) priced its FCT Compartiment 2011-1 auto ABS on Tuesday through joint leads BNP Paribas and Société Générale. Its unusual structure and duration meant pricing was considerably tighter than its previous auto ABS, but somewhat wider than where other European auto ABS have been priced this year.

  • 08 Jul 2011

The Eu956m class ‘A’ piece, rated triple-A by Moody’s and Fitch, was originally marketed in the one month Euribor plus 95bp area, before being refined to plus 90bp-95bp and eventually set at plus 90bp.

Some Eu656m of this tranche was placed with 20, predominantly French, investors and it ...

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Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 5,997 17 15.40
2 Citi 4,679 16 12.02
3 Lloyds Bank 3,158 6 8.11
4 Bank of America Merrill Lynch (BAML) 3,104 10 7.97
5 Morgan Stanley 3,066 8 7.88

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3 Bank of America Merrill Lynch 51,474.08 169 7.65%
4 Wells Fargo Securities 51,322.59 157 7.63%
5 Credit Suisse 47,533.25 150 7.07%