-Societe Generale's German arm launches EUR500m asset-backed bond sale.
M2 EQUITYBITES-January 25, 2012--Societe Generale's German arm launches EUR500m asset-backed bond sale(C)2012 M2 COMMUNICATIONS http://www.m2.com
25 January 2012 - German Bank Deutsches Kraftfahrzeuggewerbe, a unit of France's Societe Generale (EPA:GLE), has started an issue of EUR500m (USD650m) worth of bonds backed by auto loans, three investors told Bloomberg on Wednesday.
The notes, backed by repayments on around 72,000 German auto loans originated by the lender, will be placed through its vehicle Red & Black Auto Germany 1. The issue is expected to win top grades from rating agencies.
The weighted average tenor of the asset-backed securities is seen at about 1.5 years, the investors added.
The issue will be preceded by a roadshow, which will begin on 1 February.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Jan 25, 2012|
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