FCE Bank, Ford Motor Co.'s European financing arm, will come to market with another securitization from its Globaldrive program. The deal should total E500-750 million and is scheduled to be priced within the next two weeks. The deal, to be co-lead managed by ABN AMRO and Deutsche Bank, will be Ford's second securitization of euro receivables this year. A syndicate banker on the deal says the exact deal size is still being determined, declining further comment. Ford's last deal weighed in at E800 million and was priced in March at 19 basis points over one-month Euribor. However, given the soft nature of the European asset-backed market, bankers and analysts doubt the new issue will be priced as tightly.
...As Euro ABS Deal Warms Up