SOFIRA Preps $714M French Floorplan ABS

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Europe’s auto ABS pipeline continues to build and the latest boost comes from SOFIRA’s €550 million ($714.5M) revolving cash securitization of dealer floorplan receivables extended to auto dealers in France.

Auto ABS DFP Master Compartment France 2013  is the issuer’s first public dealer floorplan loan securitization, according to Moody’s Investors Service. SOFIRA’s parent company is Banque PSA Finance.  

The portfolio of underlying assets consists of floorplan receivables to Peugeot dealers (51%), Citroen dealers (46%) and  dealers selling both brands (3%).  

Moody’s assigned provisional ratings of ‘Aaa’ to both the  €550 million class A notes due May 2021 and the €29.8 million class S 2013-01 notes due May 2021.  The ratings agency did not rate the €228.4 million class B notes.

According to the presale report, the issuer may offer a future Class S tranche but the sum of all senior notes will not exceed €1.5 billion at any one time.

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