The RMB3 billion ($457 million) Driver China Three is backed by short-term loans made to borrowers with significant equity in their vehicles. Moody's Investors Service sees little risk to the bonds from its recent downgrade of the German auto maker.
Ford Automotive China plans to issue RMB2.6 billion ($406 million) of bonds backed by auto loans extended to borrowers in China.
Sized at RMB3.5 billion ($549 million), Bavarian Sky China 2015-2 is the biggest Chinese auto loan deal by any foreign-owned finance company, according to Moody's Investors Service.
The deal, which is unrated, provides three years of protection, on a per occurrence basis, for earthquakes affecting the Istanbul region. It pays more than the inaugural deal, completed in 2013, which is rated by Standard & Poor's.
While the collateral behind the CNY1.5 billion ($242 million) deal is well cushioned against default borrowers on average put down 65% of the vehicle's value there is no back-up servicer.
Controversy over the Mexican equipment lease sector
After contracting sharply last year amid regulatory uncertainty and an economic slowdown, Brazils structured finance market now appears to be poised for a recovery.
Five new originators of Russian RMBS debuted last year; players say the issuer stable will keep growing.
Investors no longer feel limited to their own country for securitization investment opportunities; they are becoming comfortable with the risks and rewards of investing in and owning a global book.
Managing Director, Structured Products
Firm: Guggenheim Securities
State student loan authorities sense a business opportunity helping graduates who are gainfully employed lower their payments. Their low-cost funding could put them in competition with banks and marketplace lenders.Current Issue