Red & Black Auto German 4 UG is a €1 billion securitization of new and used auto loans originated by Bank Deutsches Kraftfahrzeuggewerbe (BDK), an indirect subsidiary of Société Générale in Germany.

The portfolio’s structure is a €930 million Class A notes stack carrying a floating rate coupon and provisional triple-A ratings from DBRS and Moody’s Investors Service. There is also an unrated Class B notes tranche of fixed-rate notes sized at €70 million.

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.