April 30th, 2019
PLACEMENT OF A 975.7 MILLION EURO SECURITIZATION BACKED BY GERMAN AUTO LOANS
RCI Bank and Services announces the placement of a securitization backed by auto loans originated by its German branch RCI Banque S.A Niederlassung.
FCT Cars Alliance Auto Loans Germany V 2019-1 has placed 950m€ of Senior notes and 25.7m€ of Junior notes. These notes are rated AAA(sf) / Aaa(sf) and AA (high)(sf) / Aa3(sf) respectively by DBRS and Moody’s.
The Senior tranche, with a weighted average life of 2.8 years, has a margin(1) of Euribor 1 month + 23bps. The Junior notes, with a weighted average life of 4.9 years, have a margin(2) of Euribor 1 month + 68bps.
The success of this placement demonstrates investors’ confidence in the quality of RCI assets and its servicing process. This transaction also confirms the diversified financing sources to which the company has access.
(1): Coupon: Euribor + 40 floored at zero, issuance price 100.477
(2): Coupon: Euribor + 68 floored at zero, issuance price 100.000
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