VW’s Driver Eight hauls auto ABS tighter

28 Jan 2011

VW’s Driver Eight German auto loan ABS pulled secondary market prices tighter this week, as lead managers Commerzbank and Société Générale priced the Eu690m class ‘A’ tranche at 70bp — up to 5bp inside secondaries at the time, though auto spreads were already coming in.

The success of Driver Eight should be good news for Lloyds Banking Group’s Cars 2011-1 UK auto deal, which is on the road this week. As a non-captive lender, and a debut issuer with UK collateral, Cars 2011-1 will probably be priced outside Driver Eight, but should benefit ...

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