Ford’s demand untouched by volatility, spreads drop
Ford Credit Europe Bank’s second Globaldrive German auto ABS of the year was priced this week with a similar level of demand to its first, and at lower spreads, as secondary trading in the European ABS market remained cautious.
Ford attracted an over-subscription of around two times for its €475m of triple-A senior notes with 8.7% credit enhancement and a 2.08 year weighted average life. That allowed leads Crédit Agricole, Deutsche Bank, HSBC and Royal Bank of Scotland to price the notes in line with revised guidance
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