RCI Banque drops retained ABS swap on counterparty fears


By Owen Sanderson LONDON, May 31 (IFR) - RCI Banque, the financing arm of Renault, has structured a retained auto ABS without a swap - a rare event for a major issuer with full market access opting for that structure. The strategy is likely to become more popular as banks are downgraded, and tougher rating agency criteria restricts the number of eligible counterparties to ABS bonds to achieve the highest ratings. Auto ABS notes are usually floating rate, with a swap built into the structure ...

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