Banque PSA’s AUTO ABS FCT Compartiment 2010-1 priced this week. The securitization's €500 million ($683 million) triple-A rated tranche priced within guidance levels at 135 basis points over the one-month Euribor.
The oversubscribed order book included 15 high-quality accounts from seven countries, with strong support from core ABS buyers in Germany, the Netherlands and France. Bank investors were the dominant account type.
The deal is backed by German auto leases originated by Banque PSA Finance German Branch, although the deal falls under French securitization law. It is the first public offering of a European auto Lease ABS transaction backed by a material portion of residual values. Previous auto lease transactions have generally excluded residual values.
Auto ABS FCT Compartiment 2010-1 is the eigth publicly placed transaction and the third offering with German assets from Banque PSA Finance, which wholly-owned by Peugeot. JPMorgan and HSBC served as lead managers on the deal.
"The transaction also marks the return of Banque PSA Finance to the ABS markets, providing further funding diversification at competitive levels," a Banque PSA spokesperson said.