Daimler-Benz launches asset securitization certificates.NEW YORK--(BUSINESS WIRE)--Nov. 21, 1996--Daimler-Benz North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. Corp. (DBNA DBNA Du Bist Nicht Allein (German) DBNA Digitale Bibliografie Nederlandse Archeologie (Dutch) ), a wholly-owned subsidiary of Daimler-Benz AG today launched its fourth asset securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. transaction in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . It is based on truck loans originated and serviced by the group's financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. company, Mercedes-Benz Credit Corp. (MBCC MBCC Montana Board of Crime Control MBCC Massachusetts Breast Cancer Coalition MBCC Migratory Bird Conservation Commission MBCC Massachusetts Bay Community College MBCC Mercedes Benz Credit Corporation MBCC Mission Bay Community Church ). Mercedes-Benz Credit Corp. provides financing and leasing services for both dealers and customers of products manufactured and distributed by the Daimler-Benz Group in North America. Truck financing is managed at MBCC by its Freightliner Financial Services Division based in Lisle lisle n. 1. A fine, smooth, tightly twisted thread spun from long-stapled cotton. 2. Fabric knitted of this thread, used especially for hosiery and underwear. , Ill. MBCC is a member of Daimler-Benz InterServices (debis) AG and is a wholly-owned subsidiary of DBNA. The issue will offer securities to institutional investors, as follows: Seller: Daimler-Benz Vehicle Receivables Corp. Servicer: Mercedes-Benz Credit Corp. Trust: Daimler-Benz Vehicle Trust 1996-A Moody's rating: Aaa S & P's rating: AAA Amount: $795,188,137.94 Coupon: 5.85 percent Issue price: 99.989256 Yield: 5.93 percent 37.5 basis points more than the 5.875 percent Treasury note due April 1998 Average life: 1.44 years Settlement: Nov. 26, 1996 Interest accrual: Nov. 20, 1996 Terms are disclosed in an offering document currently being distributed. DBNA successfully introduced its first ABS transaction based on automobile loans originated and serviced by MBCC in October, 1993 and since then has launched two further ABS transactions. Goldman, Sachs & Co. is advising Daimler-Benz on the program and is lead manager for the securities offering. Daimler-Benz is Germany's largest industrial group with 290,000 employees worldwide and 1995 revenues of $72 billion. Daimler-Benz and its three corporate units, Mercedes-Benz, Daimler-Benz Aerospace and Daimler-Benz InterServices (debis), provide a comprehensive range of products and services primarily in the area of traffic and transportation on land and sea, by air and in space. North America, where Daimler-Benz employs more than 20,000 people at 30 companies, is the largest regional market outside Europe and accounts for approximately 20 percent of worldwide revenues. In 1993, Daimler-Benz became the first German company to list its shares on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. (symbol:DAI). CONTACT: Daimler-Benz North America Corp. Bernhard Harling, 212/909-9716; fax: 212/308-4252 or Goldman, Sachs & Co. Edward G. Novotny, 212/902-5400; fax: 212/357-8820 |
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