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Demand for yield is driving bank originators to dust off rare asset classes, such as Italian SME ABS and Spanish auto loan deals, to satisfy investor appetite. -
Bank Deutsches Kraftfahrzeuggewerbe, a German subsidiary of Société Générale, has announced a new €1bn German auto loan ABS deal, the fourth transaction to be launched in the asset class this month.
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BMW Bank became the latest issuer to price an ABS deal above par on Wednesday, pulling in €1bn for its Bavarian Sky 5 German auto ABS deal. Opel Bank is also set to price its German auto paper above par on Friday.
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BMW Bank will return to the European ABS market for a fifth German auto loan ABS deal from its Bavarian Sky shelf, after Ford Credit Europe Bank priced its latest Globaldrive deal above par, the first consumer ABS deal to do so.
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Captive auto financing issuers are piling back into the European auto ABS market after the summer break, with PSA Financial Services, the partner of the Peugeot and Citroën brands, announcing a new deal backed by Spanish auto loan collateral.
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Secondary placements of consumer ABS paper grabbed the market's attention this week, with a French consumer loan deal landing and a UK credit card-backed offering lining up.
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BMW Bank is returning to the European ABS market for a fifth German auto loan ABS deal from its Bavarian Sky shelf.
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DBRS analysts dismissed recent worries of a growing bubble in subprime auto ABS in a Thursday conference call, citing consistency in loan pools dating back to pre-crisis days.
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Ford Credit Europe Bank is lining up its second German auto loan ABS deal of the year to hit its £1bn securitization funding target for 2016.
