BNP Paribas Sets Pricing On EUR560 Million Auto Loan-Backed ...

BNP Paribas Sets Pricing On EUR560 Million Auto Loan-Backed Bond
News from Fox Business:

LONDON ? ?BNP Paribas Personal Finance, the issuance arm of BNP Paribas S.A. (BNP.FR), has set price guidance on its bond backed by French auto loans, one of the banks running the sale said Tuesday.

The deal is expected to price later Tuesday.

The EUR437 million, triple-A rated tranche being offered has a weighted average life of 2.45 years and will price in the area of 85 basis points over the one-month Euribor rate.

A tranche of EUR123 million, which isn?t rated, will be retained.

BNP Paribas S.A., ING Groep N.A., Lloyds Bank, and Santander GMB are joint bookrunners on the transaction, which is being issued by a vehicle called Autonoria 2012-1.

The ABS deal follows a series of meetings with investors last week.

Copyright ? 2012 Dow Jones Newswires

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Judge: Auto dealers must disclose loan rate reasoning
News from Legal News Line:

WASHINGTON (Legal Newsline) ? A federal judge ruled Thursday that automobile dealers who use third-party financing transactions must tell borrowers who receive higher interest rates the reason for the adverse rates.

Judge Ellen Huvelle of the U.S. District Court for the District of Columbia upheld the Federal Trade Commission?s determination that auto dealers must comply with this provision even when they engage in ?three-party? financing transactions, in which the dealer agrees to extend financing to a consumer and then immediately assigns the loan to a third party, such as a bank or finance company.

When lenders establish an unfavorable interest rate by relying on a credit report, the Fair Credit Reporting Act requires them to notify the consumer and provide instructions on how the consumers can obtain a copy of their credit history report and, if necessary, dispute and correct any false or incomplete data. One of the purposes of the statute is to help prevent identity theft.

But the National Automobile Dealers Association argued that it should be exempt from providing this notice. It argued that when only the third party, and not the car dealer, actually obtains the credit report, then the car dealers should be exempt from providing any disclosures to the consumers.

The FTC rejected this argument. It maintained that even though car dealers do not act????? continues on Legal News Line

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