Bella Italia: ABS market debates Italy’s merits
The record tight pricing of Agos Ducato’s Sunrise consumer ABS transaction this week showed that European investors are hot for Italian debt despite the country's political and economic turmoil. But sources speaking to GlobalCapital said that their foray into Italy is just the latest example of European buyers' desperate hunt for yield.
The distribution statistics for the deal show that German investors made up over half of the buyer base, at 58.9%, and the notes were two times covered at pricing. The offering was backed mostly by Italian consumer loans.
German investors buying Italian consumer paper at a negative yield
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