FGA Bank readies German auto ABS

09 Sep 2010

FGA Bank Germany, a joint venture between Crédit Agricole and Fiat, is preparing a Eu655m securitisation of auto loans.

Crédit Agricole and Banca IMI will roadshow Asset Backed European Securitisation Transaction Five (A-Best 5) next week.

On offer are Eu627m of 1.24 year average life notes, rated AAAsf/AAAsf. They are supported by 10.3% subordination and excess spread of 2.3%.

The notes are backed by 101,524 loans to 97,487 ...

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