FirstRand knocks quarter off spreads as VW returns

By Tom Porter
18 Sep 2014

FirstRand Bank shaved almost a quarter off the spread it pays on senior auto ABS notes with its fifth Turbo Finance deal this week, demonstrating an already strong bid for paper in a European market about to be further buoyed by the intervention of the European Central Bank.

The South African lender’s last UK deal was the £362.5m Turbo Finance 4, which placed triple-A senior bonds at 60bp over one month Libor and single-A ‘Class B’ bonds at 115bp over the same benchmark in November 2013.

This time around joint arrangers and bookrunners HSBC and JP ...

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