Austria has historically done little by way of long-term securitizations, but last week its first publicly rated EURO400 million auto-loan and lease securitization, FACT-2001, originated by Porsche Bank AG, priced. According to market analysts, this may lay the foundation for future true-sale transactions under the country's securitization laws.

Unlike other auto-loan deals that have been in the market this year, FACT-2001 is not backed 100% by consumer loans. The breakdown across the whole receivable pool, which consists of 87% leases and 13% loans, is comprised of: 53.4% private individuals; 46.6% commercial borrowers; 73.6% new cars; 26.4% used cars.

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