US carmaker Ford is best known for selling Focus compact cars and Lincoln limousines. Now it's got something new to offer in China.
It has become first foreign issuer to sell asset-backed securities through the new bond trading link between Hong Kong and the mainland, raising Rmb3.46 billion $518 million from the sale last week.
The renminbi-denominated deal underscores the rapid acceleration of auto-loan securitisation in China, where foreign and domestic car manufacturers, including BMW China and Dengfeng Motor, sold $6.23 billion of the structured products in the first seven months, up 42% from the same period a year earlier, Wind data shows.
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