European ABS starts hard march to recovery with GMAC mortgages
The European securitisation market achieved a tentative reopening this week, after nearly three months of silence, as GMAC RFC priced a Eu703m securitisation of its Dutch non-conforming mortgages.
Since early August the market has been through what is probably the worst period in its history. A serene landscape in which deals of up to £7bn were placed easily at tight spreads was ruined by a global aversion to structured finance.
GMACs deal is the first step
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