Socram Banque surprises at tight end as Italian and German autos line up

Socram Banque’s French auto ABS Titrisocram Compartment 2011-1 closed with a coupon of 90bp over one month Euribor, 5bp inside initial guidance of 95bp-100bp. Books were three times oversubscribed. BNP Paribas and Natixis were leads.