SAIC-GMAC Automotive Finance Co. plans to auction 4 billion yuan worth of asset-backed securities (ABS) on June 5.
It is the first ABS product by an automaker after the Chinese central bank started to manage issuance of ABS through a streamlined registration system. Recently, the People's Bank of China, China's central bank, granted 54 billion yuan of quota in total for ABS product issuance.
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