Lowest yield for RCI as ABS investors feel the squeeze

Accustomed to years of triple-digit spreads, ABS investors now face a squeezed spread environment. Just how squeezed it has become was made clear this week by the latest auto ABS from RCI Banque, which priced a €700m deal at its tightest ever spread since the financial crisis — and its lowest ever all-in yield, writes Joe McDevitt.

  • 26 Oct 2012

The deal was priced in line with market expectations and earned an enthusiastic response, but bankers said the hunt for yield would continue to push investor demand away from the prime space and down the credit curve. Mezzanine notes, for example, are attracting more interest than before.

Those investors ...

Please take a trial or subscribe to access this content.

Contact Mark Goodes to discuss your access: mark.goodes@globalcapital.com

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Share % by Volume
1 Societe Generale 13.43
2 Rabobank 12.61
3 Morgan Stanley 10.27
4 Barclays 7.86
5 Natwest Markets (RBS) 7.15

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 27 Mar 2017
1 Bank of America Merrill Lynch 18,561.02 56 11.69%
2 Wells Fargo Securities 18,160.90 57 11.44%
3 JPMorgan 12,092.45 38 7.62%
4 Citi 11,878.92 43 7.48%
5 Credit Suisse 9,276.87 26 5.84%