FCE Bank, the captive financing arm of Ford Motor Company in Germany, is readying a E350 million deal, set to be priced late next week. The deal, Globaldrive B.V. Series F, is Ford's first European securitization of the year and is backed by auto loans for new and used cars originated by Mazda Bank a subsidiary of FCE Bank. The deal is being lead managed by Credit Suisse First Boston and WestLB, according to a CSFB syndicate official.
The European auto loan asset-backed pipeline is beginning to fill up somewhat after seeing only one deal in the first half of the year. Peugeot's Banque PSA Finance is expected to hit the market with a deal in the next two to three months. That deal will also securitize German auto loans and is slated to be lead managed by ABN Amro and Deutsche Bank. RCI Banque, the captive auto loan provider for Renault, is a planning a E1 billion securitization of Italian auto loans. That deal is being brought to market by Credit Agricole Indosuez and BNP Paribas (BW, 5/19).