A European ABS deal at last — but it could be ages till the next one
Volkswagen Bank has raised Eu1.25bn by securitising car loans. But don’t celebrate the revival of the European ABS market: investors will only buy top quality deals, and hardly any good issuers will pay the kind of spreads they want.
You could almost hear the cheering ringing round the City. Last Thursday (January 24) Volkswagen Bank successfully issued the first publicly offered European securitisation of 2008, with a Eu1.25bn packaging of German car loans.
In any other year this decade, a plain vanilla ABS of this kind would have
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