December 14, 2010
Banco GMAC Brasil has closed a BRL200m securitization using the FIDC struct
Banco GMAC Brasil has closed a BRL200m securitization using the FIDC structure, a follow-up to its first such Brazilian deal, which priced last year. The lender sold a 2-year deal at the DI benchmark plus 1.9%. The transaction is backed by automobile dealer floor plan loans, similar to a 2009 transaction, which GMAC claimed to be the first of its kind in Brazil and to be GMAC’s first public securitization there. Citi managed the sale, rated AAA on a national scale.