UNITED STATES

摘要

Santander consumer USA's riskiest slice of bonds in its US$1.1bn sub-prime auto loan ABS priced last Tuesday at the tightest levels in nearly nine months compared with similar debt issued through its SDART ABS series. The strong pricing came on a day when global stocks sold off on weak factory data from China and a surprise rate cut by Australia's central bank. Santander's 3.99-year Baa2/BBB class priced at 230bp over interpolated swaps, which was just 15bp wider than recent tights in August from the SDART programme, according to IFR data. Bankers were building books on the Triple B class on Monday at talk of 250bp-260bp, signalling an improved tone from February when similar SDART bonds priced at a multi-year wide of 310bp.