Italian car giant Fiat is about to launch a securitization of performing autoloans. Called First Italian Auto Transaction, the E1 billion ($960 million) deal will be the biggest autoloan securitization yet to come out of Europe and the first such deal from Italy for ten years. The deal is expected in the market by the end of this month or the beginning of July.
Fiat has mandated Dublin-based Euro Capital Structures - a structured finance spin-off established by Fiat and UniCredito Italiano in May last year (ASRI 5/31/1999, p.1) - to arrange the deal. Merrill Lynch, Schroder Salomon Smith Barney and Unicredito have been brought in to underwrite the deal.