Cautious start for primary as new regs bite

With Dutch RMBS and German autos having dominated the market last year, Delta Lloyd’s Arena 2011-1 and VW’s Driver Eight will open the European primary market in 2011. Both trades should eventually attract a solid book, but headwinds from new disclosure requirements and risk retention rules mean investors are cautious about committing cash. Read EuroWeek on Friday to see how issuers can cope.