ASIA-PACIFIC

摘要

Ford Automotive Finance (China) is readying an offering of onshore Chinese asset-backed securities to raise Rmb3.0bn (US$469m). The offering comprises Aa3/AA (Moody's/ Fitch) rated senior notes of Rmb2.625bn and unrated subordinated paper of Rmb367.5m. The senior notes have a scheduled maturity of September 26 2017 and subordination of 12.5%. The sub tranche has a scheduled maturity of February 26 2018 and subordination of 0.25%. There is over-collateralisation of Rmb7.5m and an initial liquidity reserve of Rmb36m. The static portfolio comprises 44,968 floating-rate auto loans granted to private individuals in China. It has a weighted-average life of 1.07 years and a WA remaining term of around 25 months. FAFC is a wholly owned subsidiary of Ford Motor Credit. The issuer is fuyuan 2015-2 retail auto mortgage loan skuritisation trust.