A new German auto securitization deal backed by €427.1 million ($570.9 million) of auto loans from GMAC Bank GmbH joined Europe's new-issue pipeline.

The deal, E-Carat S.A., Compartment 3, has had its class A notes and class B notes rated 'Aaa (sf)' and 'A1 (sf)', respectively, by Moody's Investors Service. The notes are due December 2019. Moody's did not assign ratings to the subordinated €24.87 million junior loan.

This is the third public securitization transaction sponsored by GMAC Bank. The seller also acts as the servicer of the portfolio although, according to a Moody's presale report, all the servicing operations will be outsourced to Sitel GmbH.

The portfolio of underlying assets comprises auto loans distributed through Opel dealerships in Germany.

The portfolio includes amortizing loans and balloon loans. As of October 2011, the portfolio comprises 39,728 borrowers. The loans were originated in 2010 and 2011, with a weighted average seasoning of five months and balloon loans comprising roughly 85.5% of the portfolio.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.