BMW Leasing on lap of honour after ABS return

29 Jan 2010

Investors piled into the first publicly offered ABS of 2010 this week, making BMW Leasing’s Bavarian Sky Compartment 2 the first non-private securitisation to breach the 100bp barrier since 2008. The Eu742m deal was covered 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 close to secondary levels for VCL 11, a similar German auto lease securitisation launched by Volkswagen Leasing last September with a ...

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