A German unit of Societe Generale (GLE) SA priced 500 million euros of auto loan-backed bonds with an average life of about 1 1/2 years at 97 basis points more than one-month Euribor, according to three people with knowledge of the matter.
The securities are backed by repayments on about 72,000 German auto loans originated by Bank Deutsches Kraftfahrzeuggewerbe AG, the people said. The asset-backed securities will be issued through Red & Black Auto Germany 1.
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