BMW Group’s Chinese financial services subsidiary, BMW Automotive Finance (China), has placed its first securitization of Chinese retail auto loans.

The deal, Bavaria Sky China 2014-1, which priced today, is the first placement of an asset backed securities in China by a European automaker. Volkswagen is also marketing $800 million renminbi ($128 million) securitization of Chinese auto loans. And in May Ford Motor Credit completed a deal of the same size.

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