INVESTORS across Europe flocked to buy the first euro denominated collateralised loan obligation this week, as HypoVereinsbank launched a Eu2.22bn structure that the leads claimed could set the quality standard for European securitisations. Many of the buyers were making their first plays in the asset backed market, in a search for highly rated, liquid paper that offers a yield pick up over supranationals, sovereigns and Pfandbriefe. The deal's euro denomination, three year hard bullet maturity and unique credit characteristics all helped placement.
February 05, 1999