Feb 08, 2012
- Hugh Leask
Socram’s French Auto Splash Prices Tight
Socram Banque has priced its EUR460 million ($609.7 million) French auto loan securitization TitriSocram 2012-1, with the senior bond fetching one-month LIBOR plus 97 basis points, inside of its initial 100-105 bps guidance.
The AAA-rated EUR407 million ($539.5 million) senior 2.3-year class A bond, eligible for European Central Bank repo funding, was almost 2.5 times oversubscribed, and scooped up by 26 investors, mostly banks. The EUR53 million ($70.2 million) junior B tranche was retained by the issuer. Syndicate officials....