Montreal, Quebec, April 9, 2010 – The Business Development Bank of Canada (BDC) is pleased to announce that it has completed the purchase of $300 million in Class A-2 notes from Nissan Infiniti Funding Trust (NIF-T), as part of a $660.9 million transaction originated by Nissan Canada Inc. (Nissan Canada), under the Canadian Secured Credit Facility (CSCF). The funds will support Nissan Canada's ability to provide financing to Canadian car buyers.
NIF-T's 2010-1 Senior Notes totalled $660.9 million and are backed by a diversified pool of retail vehicle leases that have been originated by Canadian Nissan and Infiniti dealers. The transaction met all of the eligibility criteria under the CSCF program, including two AAA ratings. In addition to BDC's investment, there was third-party participation of approximately $326 million in the A-1 notes.
"This represents the fifth transaction completed under the CSCF and the first retail lease transaction, which will directly enhance the ability of Canadian consumers to access credit to purchase new vehicles," said Paula Cruickshank, Vice President of Securitization at BDC. "Nissan Canada is an experienced issuer and it is good to see them come back to the market and to see strong third-party interest in this transaction, which is evidence of a reinvigorated asset-backed securities market in Canada – a central goal of the CSCF."
About BDC
BDC is Canada's business development bank. From more than 100 offices across the country, BDC promotes entrepreneurship by providing highly tailored financing, venture capital and consulting services to entrepreneurs.
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For more Information:
Johanne Bissonnette
Media Relations Manager
Business Development Bank of Canada
514 283-7929
Contact by email
