Cofco Trust Co plans to sell 2 billion yuan of notes backed by auto loans from GMAC-SAIC Automotive Finance Co, General Motors Co's auto-financing venture in China, according to a statement on Thursday.
The product will be sold in three tranches, including a top-rated AAA portion, an A rated section, and a subordinated part, the company said in a statement published on Chinamoney.com.cn, a website of the China Foreign Exchange Trade System.
The product is made up of 50,614 loans from across China, according to the prospectus. The top-two tranches will pay a floating interest rate, according to the prospectus.
China Daily - Bloomberg
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