2010’s first ABS flies high, breaks the 100bp barrier

26 Jan 2010

Investors piled into the first publicly offered ABS of 2010, BMW Leasing’s Bavarian Sky Compartment 2, covering the Eu742m deal three times.

Société Générale and WestLB were able to price the 1.88 year senior tranche at 85bp over one month Euribor — at the tight end of guidance and right on top of secondary levels for VCL 11, a similar German auto lease securitisation launched by Volkswagen Leasing last September. ...

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