Carro Launches SG$450 Million Asset-Backed Securitzation Warehouse Facility

MT Newswires10-22

Carro established an SG$450 million asset-backed securitization warehouse facility backed by automotive loan receivables in Singapore.

The facility aims to diversify its funding sources and support growth, according to a Thursday press release.

The facility uses a bankruptcy-remote special purpose vehicle to purchase and securitize vehicle-secured hire-purchase receivables originated by Carro's unit, Genie Financial Services.

The structure allows lenders to participate through capital-markets notes or direct bank loans on a pari-passu basis, the online car marketplace and automotive financing company said.

Mizuho acted as arranger, while HSBC and JPMorgan provided loans and subscribed to bonds.

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