MEDIA RELEASE PR41749
GMAC-SAIC Completes China's First-ever Financial Bond Issuance by an Auto Finance Company
SHANGHAI, Oct. 15 /PRNewswire-AsiaNet/ --
GMAC-SAIC Automotive Finance Co., Ltd. (GMAC-SAIC) announced that
yesterday it completed the first-ever financial bond issuance by an auto
finance company in China. The company issued a RMB 1.5 billion, three-year,
floating rate financial bond. The interest rate for the initial year has been
set at 3.00 percent. The bond will pay interest on an annual basis and the
interest rate will be reset annually at 75 basis points above the People's
Bank of China (PBOC) one-year deposit rate.
"We are pleased to continue our tradition of innovation in China's
capital markets with the completion of this transaction," said Rick
Livingood, general manager of GMAC-SAIC. "In January 2008, we issued China's
first auto asset-backed securitization, and GMAC-SAIC is now the first-ever
auto finance company to issue a financial bond. This issuance diversifies our
access to funding and liquidity, which further strengthens our ability to
meet the needs of customers in this highly competitive marketplace."
Prior to issuing the bond, GMAC-SAIC received regulatory approval from
the PBOC and the China Banking Regulatory Commission. It is rated triple-A by
Dagong Global Credit Rating Co. Ltd. and is guaranteed by the Bank of China.
The bond was issued in China's National Interbank Market, which provided
access to a broad investor audience within China.
"As the largest auto finance company in China, we continue to partner
with the government and our regulators to pioneer the country's capital
markets," said Benjamin Zhang, deputy general manager of GMAC-SAIC.
"Additionally, our strong relationships with our partner banks in China were
critical to ensuring the successful execution of this transaction."
About GMAC-SAIC
GMAC-SAIC Automotive Finance Co., Ltd. is a joint venture between Ally
Financial Inc. (formerly GMAC Inc.), Shanghai Automotive Group Finance Co.,
Ltd. (SAICFC) and Shanghai General Motors Co. Ltd. (Shanghai GM). Ally
Financial Inc. is one of the world's largest automotive financial services
companies and offers a full suite of automotive financing products and
services in key markets around the globe. SAICFC, a subsidiary of Shanghai
Automotive Industry Corp. Group, is one of China's most successful
non-banking finance companies. Shanghai GM is a joint venture established by
General Motors Corp. and Shanghai Automotive Industry Corp. Group (SAIC), a
leading passenger car manufacturer in China.
Contacts:
Jim Olecki
Tel. +1-212-884-7955 (U.S.)
james.olecki@ally.com
Susanne Gehrling
Tel. +49-6142-604-566 (Germany)
Susanne.Gehrling@gmacfs.com
information.
SOURCE: GMAC-SAIC Automotive Finance Co., Ltd.
CONACT: U.S.: Jim Olecki
+1 212 884 7955
james.olecki@ally.com
or Germany: Susanne Gehrling
+ 49-6142-604-566
Susanne.Gehrling@gmacfs.com
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