European Securitization
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Manager tightens triple-A rated notes by 44bp, choosing a reset over refinancing -
The deal is the first European RMBS to include bridging loans
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Arranging banks buy large chunks of deals in shallow market
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Regulators nervous about the perils of private credit should reflect on their own role restraining bank lending while pushing insurers into private markets
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Deal grew to €850m from a pool of €600m
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George Smith talks to Tom Hall about a run of giant ABS deals, and to Thomas Hopkins about whether changes to Solvency II will bring insurers flocking back to securitization.
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Triple-A notes priced tighter than recent new deals
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First European buy now, pay later securitization expected next year
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Large banks are selling mortgage or consumer portfolios for capital relief
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Changes to regulatory capital requirements make triple-A rated CLO notes more appealing for insurers
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Reforms to Solvency II rules make non-STS securitizations cheaper investments for insurers
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Esoteric emerges as bankers are close to the end of their pipelines
