RCI Banque, the captive auto loan provider for Renault, will come to market in June with its second-ever securitization of auto loans, confirms Veronique Dosdat, head of banking relationships and structured finance. Dosdat declined to comment on any aspect of the deal. The deal will be a E1 billion securitization of Italian auto loans, according to a Milan-based banker.
One banker not working on the RCI deal notes that the European market is under-supplied so any new auto paper will be welcomed. The deal is being brought to market by Credit Agricole Indosuez and BNP Paribas, says the Milan banker.
The only European auto loan deal to be priced so far this year was a E285 million offering from Germany's FSS Bank called Free Mobility. That deal securitized loans made to finance the purchase of new and used Hyundais, Subarus and Isuzus.