SocGen German Unit Said to Offer 500 Million Euros of Auto Bonds

A German unit of Societe Generale (GLE) SA is selling 500 million euros of bonds backed by auto loans, according to three investors with knowledge of the matter.

The bonds will have an average life of about 1 1/2 years and may be priced at 95 to 100 basis points more than one-month Euribor, the investors said.

The securities are backed by repayments on about 72,000 German auto loans originated by Bank Deutsches Kraftfahrzeuggewerbe AG, the investors said. The asset-backed securities will be issued through the Red & Black Auto Germany 1 vehicle.

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