My Money Bank successfully closes its first Auto ABS issuance

25 January 2018
My Money Bank successfully closes its first Auto ABS issuance

My Money Bank successfully closes its issuance of automotive financing asset-based securities.

My Money Bank has just borrowed EUR 390 million on the capital markets via an inaugural issuance under its SapphireOne Auto programme of asset-backed securities (ABS) rated AAA by Moody’s and Fitch.

Through this deal, My Money Bank demonstrates its abillity to diversify its investor base and to provide itself a competitive and long-lasting refinancing tool for its automotive financing business in the French Overseas Territories.

This is the first ever issuance of securities backed by a portfolio of assets marketed exclusively in French Overseas départements. Loans and leases (including residual values) granted by two subsidiaries of My Money Bank have been refinanced through this deal –  SOREFI (Reunion) and SOMAFI-SOGUAFI (Guadeloupe, Martinique, and French Guyana). My Money Bank’s long-standing presence in these territories (since the 1960s) and its solid commercial positions were highly positive points for investors, as well as the portfolio’s excellent credit risk quality.

My Money Bank decided to list these securities with Euronext Paris, in line with its strategy as a French bank and supporting the development of the Paris marketplace. The securities offered by My Money Bank, were 115% oversubscribed and were placed with over 15 European investors (in France, Benelux, the United Kingdom, Germany, etc.), including both asset managers, insurers and banks.