Siam Panich Leasing (SPL), the Thai consumer finance company, last week completed its debut THB5 billion ($128.7 million) auto loans ABS. Standard Chartered and Siam Commercial Bank were joint arrangers on the offering, which was backed by a THB6.6 billion pool of hire purchase agreements, equivalent to 24.4% overcollateralization for the rated notes.
The deal, issued out of the Siam Panich SPV, comprised two fixed-rate tranches assigned national scale ratings of triple-A by Fitch Ratings and equally sized at THB2.5 billion. The 2.5-year piece, featuring a revolving period for the first year followed by controlled amortization until maturity, priced at 5.73%. As of press time, that represents a 65 basis point pickup over government paper with the same tenor.