Norwegian Auto ABS Reopens European Primary

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Santander Consumer Bank priced Bilkreditt 4 a Norwegian auto loan securitization to strong investor demand, according to market source.

The deal offers a senior €350 million piece with 1.62-year weighted average life that priced 45 basis points over the one month Euribor.

Moody’s Investors Service and Standard & Poor’s rated the deal ‘Aaa’/ ‘AA’ respectively.

The deal is backed by a static  pool of loans  with no revolving period that is composed of 30.5%/new vehicle loans and 68.5% of used vehicles loans. The weighted average remaining term of the loans is 76 months.

According to S&P, the senior tranche was three times oversubscribe as its original size and was consequently upsized to €412 million from €350 million.  German, U.K., Dutch, and, French investors took 32%, 21%, 19%, and 16% respectively. Fund managers and banks bought 63% and 27% respectively.  

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