Aussies welcome Headingley as Gable in limbo
Australian market participants welcomed the Australian dollar tranche of Lloyds Banking Group’s Headingley 2011 RMBS last week, but European ABS buyers have been left disappointed with the apparent postponement of Gable Funding.
Lloyds has been pushing the boundaries of UK ABS market practice, as the first to offer a yen tranche (in Arkle 2010), the first to offer a UK auto deal since the crisis, and the first to do an Australian dollar tranche.
However, demand for the banks innovative
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