Not quite a feast, but clutch of deals eases ABS famine
The European ABS pipeline is at its most full and varied all year. That might not be saying much in a year of slow supply, but the prospect of a debut French credit card securitization along with the return of Mercedes-Benz and other auto and equipment deals has given ABS syndicate bankers something to smile about.
Carrefour Banque has decided to sell a debut credit card ABS — a very rare asset class in continental Europe. Until now, cards have been dominated by the established UK market.
“I don’t remember seeing any card deals outside the UK,” said one syndicate banker. “Most European lenders don’t have
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