Bank Deutsches Kraftfahrzeuggewerbe (BDK), a subsidiary of Societe Generale, is marketing Red & Black Auto Germany 3, a €740 million ($843 million) German auto loan securitization.

On offer is a single tranche rated ‘AAA’ by Standard & Poor’s. The notes have a weighted average life of 1.8 years and benefit from 8.5% credit enhancement.

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