Asian auto ABS activity is heating up. Boosting activity in this sector was Thai consumer finance company Siam Industrial Credit Co. (Sicco), which last week completed a THB3 billion ($80 million) auto loan securitization. Standard Chartered and Siam Commercial Bank - which holds a 39% interest in the borrower - were joint leads on the three-year offering, issued via the Sicco Special Purpose Vehicle.
The facility has been tapped once before. Sicco issued THB4 billion of bonds backed by the same assets in June 2005. Both issues are part of the borrower's aim to raise TH15 billion for business expansion and restructuring.