Ford Credit Europe is getting an early start on its funding with a €610.3 million securitization of German auto loans.

Globaldrive Auto Receivables 2016-A B.V will issue €561.5 million of senior class A floating-rate notes with a preliminary ‘Aaa’ rating from Moody’s Investors service. The senior notes benefit from 8% subordination and a reserve fund equivalent to 0.7% of the trust’s assets.

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