GM drives inside VW as sterling goes Turbo

By Tom Porter
11 Sep 2014

GMAC UK has guided investors in the senior notes of its E-Carat 4 sterling auto ABS to a price level 1bp inside a similar transaction done last week by Volkswagen, which normally represents the very tight end of the European auto ABS market.

Arranger Bank of America Merrill Lynch and joint lead managers Lloyds and Royal Bank of Canada put out initial price thoughts for E-Carat 4’s £440m triple-A rated 1.81 year ‘Class A’ notes and £16.8m double-A rated four year ‘Class B’ notes at 42bp and 95bp over one month ...

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