European Securitization
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BlueBay and Fidelity used the feature for the first time in Europe since the global financial crisis -
Spreads on split triple-A tranches average to 150.5bp
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Asset managers taking down triple digit sizes of AAAs for 'first time since 2021'
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Conditions seem perfect but there's nothing in the visible primary market pipeline
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Rare feature will allow manager to avoid negative 'cash drag' for equity
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◆ VW misses ESG deadline ◆ Good times for ABS ◆ CLO triple-A funds fear fall from power
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Manager boosts 2022 loan opportunities fund by 20% to €500m
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UK RMBS mezz tightest in primary since 2022, but unlikely to tighten further
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Strong reputation helps the manager place the AAAs at 148bp, investors said
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Deals from Enra and LocalTapiola fly but issuers not rushing to take advantage
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More competition for paper and return of equity buyers will stop senior debt buyers getting their way so easily
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Recent STS deals attracted greater bank treasury bids, smoothing executions
