RCI Banque Taps Existing 4% 2013 Bond For A Modest EUR175M

21st Jul 2010 15:33

LONDON (Dow Jones)--RCI Banque, the financing arm of French auto maker Renault SA (RNO.FR), tapped its existing EUR500 million 4% 2013 bonds for a modest EUR175 million Wednesday, one of the lead managers on the deal said. BNP Paribas SA, Citigroup Inc. and HSBC Holdings PLC led the deal, which priced at a spread of 215 basis points over mid-swaps. RCI Banque, which is rated Baa2 by Moody's Investors Service Inc. and BBB- by Standard & Poor's Corp., was last in the market in early July, selling EUR873M of triple-A rated auto loan ABS through a vehicle called Cars Alliance Auto Loans Germany 2010-1. The 873 million euro, triple-A rated tranche of the deal pays a coupon of 115 basis points over one-month Euribor and priced at par. -By Michael Wilson, Dow Jones Newswires; 44 20 7842 9349; [email protected] (END) Dow Jones Newswires July 21, 2010 10:33 ET (14:33 GMT)