Banco Cetelem has completed the first full-stack Spanish auto significant risk transfer transaction from BNP Paribas’ Autonoria programme. The €1bn Autonoria Spain 2019 true sale ABS differs from previous Autonoria deals in that the class G notes have been assigned a rating.
The deal is the first capital relief trade from the programme that references Spanish auto loans and it was solely arranged by BNP Paribas.
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