BNP Preps $573mln French Auto ABS
BNP Paribas is planning to sell a €445 million 2.4-year senior tranche French auto ABS deal named Autonoria 2012-2.
Moody's Investors Service said in a press release that it will rate the offering’s €445.2 million, class A notes, ‘Aaa’. No rating was assigned to the €114.8 million, class B notes.
The deal is backed by secured auto loans extended to individuals residents in France, to finance the acquisition of cars, motorcycles or recreational vehicles, which are either new or used.
The loans were originated and will be serviced by BNP Paribas Personal Finance. Pricing is expected to take place early next week, according to market reports.
Standard & Poor’s said in a report today that year-to-date, French auto ABS issuance is at €3.2 billion.