Volkswagen and Barclays stand alone in ABS pipeline
Clydesdale Bank’s privately placed Lanark 2012-1 RMBS was the extent of primary ABS issuance this week. Looking ahead, Barclays is set to launch its Gracechurch Cards deal next week, and Volkswagen has mandated for VCL 15 — its first euro issue of the year. But apart from these two market stalwarts, the pipeline remains light with some bankers blaming the strong covered bond market.
Barclays Bank has been roadshowing a new Gracechurch Cards deal since February 15. The meetings, which were arranged by Barclays Capital and JP Morgan, will last until Friday, with the originator ready to bring a deal next week.
Volkswagen has mandated Commerzbank and Mizuho to sell notes from
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