Lebanese bank BSEC last week announced the funding of a second auto loan ABS for local dealership Bassoul & Heneine.
Amounting to $14.4 million, the transaction is the second ABS issuance from the originator; the first came in 2005. The deal is split into A and B tranches.
The senior chunk has a weighted average life of 3.9 years and a coupon of 7.25%. Bassoul & Heneine is the exclusive Lebanese distributor of BMW, Renault, Mini Cooper, Alfa Romeo and Dacia.
Under the program’s structure, the originator can sell additional loans to the vehicle for up to $44 million. The deal was purchased by Banque BEMO, BEMO Europe Banque Privee, Medgulf, Fransa Invest Bank, and Federal Bank of Lebanon.