BMW will Anleihen über 1,6 Milliarden USD begeben

(Quelle: Reuters)

BMW plans to offer $1.6 bln car loan-backed notes

NEW YORK, April 21 (Reuters) - German carmaker BMW plans to offer on Tuesday about $1.6 billion in asset-backed securities supported by car loans it made, a person familiar with the deal said on Monday.

Citigroup and Banc One Capital Markets are heading the deal's underwriting team that includes ABN AMRO, Banc of America Securities LLC and J.P. Morgan Securities, he said.

Following are the early terms and conditions of "BMW 2003-A" (subject to change):

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Class A1

Issue Amount $380 million

Average Life 0.31 year

Spread Benchmark 4-month Libor

Ratings P1 (Moody's), A1-plus (S&P)

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Class A2

Issue Amount $455 million

Average Life 1 year

Spread Benchmark eurodollar futures

Ratings Aaa (Moody's), AAA (S&P)

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Class A3

Issue Amount $470 million

Average Life 2 years

Spread Benchmark 2-year interest rate swaps

Ratings Aaa (Moody's), AAA (S&P)

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Class A4

Issue Amount $296.9 million

Average Life 3.11 years

Spread Benchmark Interpolated interest rate swaps

Ratings Aaa (Moody's), AAA (S&P)

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Class A5

Issue Amount $32.7 million

Average Life 3.32 years

Spread Benchmark Interpolated interest rate swaps

Ratings A3 (Moody's), A (S&P)

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