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ABS Recap: Bumper credit card ABS as eyes turn to Barcelona

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The ABS market follows the sun

The US securitization market picked up this week with 28 deals completed so far already.

Across the market, February had over $86bn worth of issuance but the months since then have been slightly quieter, hovering around the $70bn mark. With $25bn issued in June so far, perhaps the $80bn barrier will be breached once more.

On Monday, Capital One priced the largest credit card ABS deal any issuer has ever executed by tranche size, breaking its own record set in 2019 with a $2.5bn single tranche deal.

Meanwhile, Texas based solar company Sunnova is preparing its second solar ABS deal of the year, as it reacts to the news that the sector will be free from tariffs for the next two years.

However, attention is moving away from the US to the sun, sand, and sangria of Barcelona for the biggest European securitization conference, Global ABS.

In recent weeks, European issuance has been patchy at best with deals almost exclusively pre-placed due to difficult market conditions.

There are hopes that the excitement of returning to Barcelona for the first time since 2019 will reinvigorate the market, but that could be overly optimistic.

GlobalCapital’s brand new podcast, Another Fine Mezzdiscussed whether it will turn out that way, what the key panels will be and how to get the best merchandise.

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