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California Republic Bancorp in Irvine has securitized and sold $390 million in notes backed by prime automobile loans.
June 30 -
California Republic Bancorp in Irvine has securitized and sold $238 million of notes backed by its car loans.
June 21 -
WASHINGTON Federal bank regulators made a tool available on Wednesday to help banks calculate capital requirements for securitization exposures.
February 11
California Republic Bancorp in Irvine has securitized $380 million of its prime auto loans.
The $1.6 billion-asset company issued six note classes that were sold in a private placement to institutional buyers. California Republic will receive an annual 1% fee to service the underlying receivables of the notes. The company also sold all of its remaining residual interest in the receivables.
California Republic did not indicate how it will use the proceeds.
The securitization was California Republic's eleventh such deal. It has issued more than $3.3 billion of auto-backed securities to date.
Credit Suisse and JPMorgan Chase were lead financial advisers. Sidley Austin was legal counsel.