RCI Banque, the captive auto loan provider for Renault, plans to securitize part of its German auto loan book, says Veronique Dosdat, head of banking relationships and structured finance at RCI. The deal will not happen until next year and the bank aims to bring one E1 billion deal to market per year each year going forward and will use German assets in 2003, because, after France, Germany is Renault's largest market. Last month, RCI Banque brought its first auto loan asset-backed securitization, a E1.4 billion deal, backed by French receivables.
In the future, RCI will also look at Spanish and Italian receivables, says Dosdat. France and Germany account for 60% of RCI's outstanding loans, while Spain, Italy and other European jurisdictions comprise the balance. ABN AMRO and Société Générale were the leads on RCI's first ABS called Cars Alliance Funding. Dosdat says RCI will ask investment banks for proposals for its next deal.