FirstRand on the road

26 Nov 2010

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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