Supply at risk as TLTROs could reduce incentives for bank SME ABS to ‘zero’
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Supply at risk as TLTROs could reduce incentives for bank SME ABS to ‘zero’

The way borrowing allowances are calculated under the European Central Bank’s latest funding programme may put ABS at a further disadvantage to covered bonds, according to Bank of America Merrill Lynch analysts, who are concerned their recently lowered 2014 securitization supply forecast should be cut again as a result.

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