Applause for Arena but analysis gets trampled
Investors swarmed over the first public Dutch RMBS since the start of the credit crisis, opening up another jurisdiction for securitisation. But the haste with which Arena 2009-1 was marketed raises questions about how thoroughly investors are examining new deals.
Europe’s securitisation market took another step toward normalisation on Tuesday with the launch of the first Dutch RMBS to be offered to investors for over a year.
Delta Lloyd’s Eu904.5m Arena 2009-1 received a warm welcome from investors, attracting over Eu2bn of orders in just three hours, and the
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