GMAC Brings Ecuador, Brazil Securitizations

GMAC has priced ABS transactions totaling $140m in Brazil and Ecuador. In Brazil, the lender sold a BRL200m 2-year securitization of dealer floor plan loans, which a company official claims to be the first of its kind in Brazil and is GMAC first public securitization there. The deal will close the first week of October and is targeting an interest rate of DI plus up to 4.0%, but is heard pricing at the DI plus 3.0%. HSBC managed the sale, rated AAA on a national scale. The deal follows a $30m securitization of retail auto loans in Ecuador closed September 11, GMAC’s third in that market. A $12m 2-year tranche priced at 8%, and an $18m 54-month tranche priced at 9.25%. Banco Pichincha led the deal, rated AAA on a national scale.