Turbo takes PCS through €100bn

By Tom Porter
30 Sep 2014

FirstRand Bank’s Turbo Finance 5 UK auto ABS priced this month has become the 67th transaction to acquire the Prime Collateralised Securities label, taking the quality initiative beyond €100bn of labelled securitizations since its launch in 2012.

FirstRand Bank priced the £410m transaction on September 16, knocking a quarter off its senior note spreads in the process.

In a market that remains “very weak”, PCS said this €100bn represents 20% of the entire stock of placed and outstanding European transactions — including transactions issued ...

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