Socram Banque priced its French auto ABS called TitriSocram 2011-1, which was managed by BNP Paribas and Natixis.
The offering priced its €409.5 million, triple-A rated Class A notes at a of yield 90 basis points over the one-month euro interbank offered rate, according to a Bloomberg report. The securitiztaion is the first public ABS for Socram since 2005, according to the report.
So far this year most European auto ABS issuance has been driven by Germany with roughly €2.7 billion worth of German auto securitization volume issued year-to-date, according to Unicredit analysts.
Single auto ABS deals originated in Italy, the Netherlands and the U.K. totaled €3.2 billion.
