PSA Banque France announces the placement of an ABS transaction backed by auto lease receivables with a purchase option, issued by its subsidiary CREDIPAR.
On 31 October 2018 the French fonds commun de titrisation Auto ABS French Leases 2018 priced with qualified investors €450 million of Senior Notes and €60 million of mezzanine Notes rated AAA(sf)/ AAA(sf) and A1(sf)/A(high)(sf) by Moody’s and DBRS, respectively.
They will be amortized sequentially after a 6-month revolving period and they will bear interest at a floating rate. The Senior Notes have an expected weighted average life (WAL) of 1.83 years and mezzanine Notes of 3.10 years.
This is the first public securitisation transaction of CREDIPAR since the establishment in February 2015 of the cooperation between Stellantis Financial Services and Santander Consumer Finance in France. It contributes to diversifying the financing sources of PSA Banque France group.
