Spain is back in ABS as Banque PSA remarkets

Banque PSA has announced a remarketing of senior notes in its retained Auto ABS 2012-3, in what will be the first broadly syndicated Spanish auto ABS since the crisis. The deal is due to end its revolving period in March and begin amortising. Crédit Agricole CIB and Santander GBM are lead managers for the €668m deal, which will go on the road next week for pricing the week after.