First Malaysian auto loans ABS completed

Bumiputra Commerce Finance issues M$510 million and prices significantly through 2002 deals.

Bumiputra Commerce Finance BCF, the car hire purchase arm of Malaysia's second largest banking group Commerce Asset Holding, has completed the country's first securitization of auto loan receivables. Commerce International Merchant Bankers CIMB, itself a unit of Commerce Asset, acted as lead manager on the M$510 million $134.2 million transaction.

The deal, launched through the Auto ABS One special purpose vehicle, securitizes a pool of around M$545 million car loans.

In some ways it is surprising that it has taken so long to see a Malaysian auto loans deal, given that the Securities Commission SC issued the guidelines for securitization two years ago. There has been huge growth in...

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