U.S. automobile giant Ford Motor Co. is looking to issue its first securitization in ex-Japan Asia, reliable sources said. Ford Taiwan Services (FTSL) - a wholly owned subsidiary of Ford Credit, the auto financing division of Ford - hopes to raise between $200 million and $250 million via a cross-border auto ABS transaction. Launch is targeted for late this year or early 2007.
Sources say Calyon Securities has won the prized mandate, with the transaction likely to be placed privately. While the bank declined to comment, it would be a logical choice to arrange a cross-border Taiwanese ABS following its involvement on two international mortgage-backed deals by Hsinchu International Bank in the past 12 months.