FirstRand on the road
BNP Paribas and UBS are marketing a UK auto loans ABS and will be meeting investors until December 1. The deal is a £393m securitisation through Turbo Finance plc, an arm of FirstRand Bank
The structure consists of £289m of Aaa-rated A notes and £63.6m of Aa3 rated B notes, plus unrated subordinated C and D notes. The A notes will have credit enhancement of 28.07%, and the B notes will have credit enhancement of 11.88%. Credit enhancement comes from subordination, plus
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