BMW plans to issue 800 million ($1.09 billion) of securities backed by a portfolio of German auto loan receivables, according to rating agency reports.
Moody's Investors Service, Fitch Ratings and DBRS have assigned the deal, Bavarian Sky S.A. Compartment German Auto Loans 2, preliminary ratings. They expects to rate the deal’s 756 million class A, floating rate notes, Aaa’/ AAA’/ 'AAA'. The capital structure also features 43.1 million of class B, floating rate notes that have been assigned a preliminary A2’/ AA-’/'A' ratings. All of the notes are due August 2021.