Blue Launches Auto ABS Programme - Azure Finance No. 1

LONDON, Aug. 11, 2018 /PRNewswire-PRWeb/ -- Blue Motor Finance has completed its first auto loan securitisation, Azure Finance No. 1, arranged by Citigroup who were also acting as joint lead managers with Deutsche Bank. The pool balance was £365m comprising 100% fully amortising hire purchase (HP) contracts. Classes A to D were on offer with ratings from triple-A to double-B plus, with a Class X note pre-placed. Blue retained 100% of the Class E note to comply with risk retention requirements.

Blue expects to continue the Azure funding programme through regular ABS issuances going forward. Bob Jones, CEO, said "This is another milestone in the development of the business and a big vote of confidence in the strategy. Securitisation will be an integral part of Blue's diversified funding platform and will enable Blue to manage the continued and increasing demand for its financing services".

Blue is an innovative, dynamic UK Fintech changing the way auto finance and ownership works with over 70,000 customers and £750m lent to date. Blue Motor Finance are one of the fastest growing businesses in Europe, as ranked in the FT1000 Europe's Fastest Growing Companies (April 2018).

Blue is backed by private equity firm Cabot Square Capital, a UK-based specialist financial services investor.

SOURCE Blue Motor Finance