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Banque PSA Issues German Auto Loan ABS

Banque PSA Finance will issue a €500 million ($687 million)securitization of auto loan receivables.

The deal called Auto ABS German Loans Compartment 2011-2 will offer a single tranche of Class A notes rated 'Aaa' by Moody's Investors Service. The capital structure also includes a subordinated and unrated tranche of Class B notes.

The transaction is an 18-month revolving cash securitization of auto loans receivables extended to obligors in Germany by the German branch of Banque PSA Finance.

This public securitization is the tenth ABS of auto loans that was done by Banque PSA Finance. It is  the fourth one backed by German auto receivables, according to Moody's.

It is the first issuance out of the French compartmentalized securitization fund called Auto ABS German Loans.

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