Italian, Spanish ABS tracks tighter
Peripheral banks are unlikely to test the waters of the ABS market, despite a rally that has driven spreads down to levels where some could consider issuing new paper, bankers said on Tuesday.
Spanish and Italian RMBS and lease-backed trades with a weighted average life of under a year have tightened considerably from a few months ago, when they were generically quoted at above 500bp over Euribor at the very least.
One ABS dealer said he traded a small piece of
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