Getin Noble Bank to issue PLN 500 mln bonds through car loans portfolio securitization

WSE-listed Getin Noble Bank hopes to raise PLN 500 million in mid-term financing through securitization of PLN 700 million worth receivables from car loans portfolio, the lender said in a market filing. The bonds will be priced at 120 bps above WIBOR 3M and will be a private issue by an SPV which owns the portfolio. The transaction includes a 2-year revolving period, during which GNB will have the right to sell further receivables from the portfolio, GNB said. The bonds will fully mature in August 2021 and will be paid back based on the actual pace of paying back of the debt portfolio (a pass-through structure), the filing read.