FirstRand Bank £395 million ABS securitisation

1/2/2016

Asset Backed Securities (ABS), Securitisation

Value:

£ 395 million

Dollar value:

$ 558 million

Status:

Completed

Date:

1/2/2016

Overview:

Turbo Finance participated in a securitisation of auto loans, originally granted by MotoNovo Finance, a division of FirstRand Bank.
Turbo Finance issued £352.8 million Class A floating rate asset backed notes, £29.4 million class B floating rate asset backed notes, and £9.83 million class C Fixed Rate Asset Backed Notes, all due February 2023.

Rani Mehta - Journalist

Jurisdiction:

South Africa

Deal types:

Asset Backed Securities (ABS)
Securitisation

Practice area:

Capital markets : Structured finance and securitisation

Industry sector:

Banking

Firm:

Baker McKenzie

Party: FirstRand (Creditor)

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