
In the first auto-loan securitisation issuance in 2009, R800-million of notes issued by Auto Series Investments have been placed for BMW Financial Services. This is the 5th issue off the domestic medium-term note programme launched in April 2005.
“This issue was just under 2 times oversubscribed and the spreads are at levels indicated to the market during the road show” confirms Barry Martin, Debt Capital Markets at Rand Merchant Bank.
Adds Mike Dennett, Financial Director of BMW Financial Services in South Africa: “We are delighted that this signals a return of investor appetite for South African securitisations, a market that we have been actively involved with since 2003. This reaffirms our strategy to continue to fund from the capital markets”.
Contact: Barry Martin - Rand Merchant Bank: +27 11 282 8118
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