A German auto loan securitization and two dealer floorplan deals backed by German auto receivables are marketing in Europe this week.
RCI Banque plans to issue 696.2 million deal called Cars Alliance Auto Loans Germany V 2013-1. The deal is backed by a portfolio of German auto loan receivables.
The transaction is a separate stand-alone securitization and not part of the short and medium term note securitization program dubbed Cars Alliance Auto Loans Germany, which the originator has used for previous issuance, according to Moody’s Investors Service.
The deal is backed by loans with a weighted average seasoning of 18.7 months. Of these loans, 73.7% finance new cars and 26.3% finance used cars from Renault, Nissan and Dacia to private individuals
Moody's has assigned provisional ratings of Aaa’ to the 650 million, class A floating rate notes due December 2024. The 46.2 million class B notes, also due December 2024, have been assigned a preliminary A2’ rating.
The structure also includes 42.5 million of subordinated and unrated class C notes
Moody’s has also assigned preliminary ratings to Banque PSA’s first public dealer floorplan securitization in Germany that is called Auto ABS DFP Master Compartment Germany 2013.
The 192.3 million class A notes have a preliminary AAA’ ratings; a 104 million class B tranche on offer has not been rated by Moody’s.
The dealer floorplan receivables backing the structure are extended to auto dealers in Germany by Banque PSA Finance. The provisional portfolio of underlying assets consists of floorplan receivables to 34% Peugeot dealers, 50% Citro'n dealers and 15% of dealers selling both brands.
FCE Bank also announced Globaldrive Auto Receivables 2013-A, its 1st investor-placed deal this year.
According to Standard & Poor’s, the transaction will offer a 2-year 500 million senior tranche and a 4-year, 16 million subordinated class. The lender retained Globaldrive Auto Receivables IV 2013, an Italian auto ABS, in July.
