My Money Bank completes its second public Auto ABS issuance

03 juillet 2019
My Money Bank completes its second public Auto ABS issuance

My Money Group successfully priced EUR 300 million of Asset-Backed Securities (« ABS ») backed by auto financing receivables. This is My Money Group’s second public Auto ABS transaction following its inaugural deal closed in December 2017. The notes offered to the market are rated AAA by Fitch and Moody’s and have a yield of Euribor 1 Month + 31 bp.

The transaction attracted a strong investor interest, with an order book close to EUR 600 million corresponding to a 1.9x oversubscription. It enables My Money Bank to diversify its investor base with a broad range of investors including asset managers (42%), banks (40%) and central banks (18%) from France (58%), United-Kingdom (16%), Benelux (11%) and Germany (9%).

With this second transaction, My Money Group confirms its willingness to be a recurring issuer in the Auto ABS space and strengthens its SapphireOne Auto programme’s recognition. This securitisation constitutes the first French public Auto ABS complying with the new STS standards (« Simple, Transparent, Standardised »). The notes are eligible to the ECB’s funding programmes.

The transaction supports the group’s development in its strategic auto financing business in the French Overseas Territories (« DOMs ») and is backed by receivables distributed by My Money Group’s subsidiaries in Reunion Island (SOREFI) and in the Caribbean (SOMAFI-SOGUAFI).