BNP Paribas has a €437million ($558 million) securitization of French auto loans.
The deal called FCT Autonoria Compartment Autonoria 2012-1 benefits from several credit strengths, such as a non-amortizing reserve fund of 1.5%, no portfolio concentration relative to the consumers in the transaction.
Moody’s Investors Service has assigned the class A notes in the capital structure a preliminary ‘AAA’ rating. The rating agency will not rate the class B notes.
