Investors have snapped up Hyundai Capital's $300 million auto-loan securitization. The company is a subsidiary of Hyundai Motors and the first in Korea to sell a deal of this kind without the need for a monoline insurer.
The bonds are split into two $150 million tranches the class A1 notes, with an expected maturity date of June 2005, a legal maturity of October 2008 and a weighted average life of 0.55 years, and the class A2 notes, with an expected maturity of August 2006, a legal maturity of October 2008 and an average life of 1.58 years. The class A1 notes are priced at 35bp over one-month Libor and the A2...
