Banque PSA, a subsidiary of Peugeot is in the market with a 196.4 million German auto loan securitization transaction called Auto ABS German Loans Master.
The deal is the fifth German auto loan securitization transaction originated by the issuer. Moody's Investors Service has assigned the class A notes a provisional rating of Aaa’. The ratings agency will not rate the 33.5 million tranche of class B notes.
The structure may also issue future senior notes that must maintain minimum credit enhancement levels and will not exceed a maximum amount of 2 billion at any one time.
Under the revolving cash securitization program, the issuer securitizes a pool of amortizing and balloon loans granted to individuals and commercial borrowers residing in Germany in order to finance the purchase of new, demonstration and used Peugeot and Citro'n branded vehicles.
As of 26 September 2013, the provisional portfolio consists of 22,757 non-delinquent German auto loan contracts, according to the Moody’s presale.