No rest for the wicked
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No rest for the wicked

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◆ UK RMBS alive and kicking ◆ CLO window could be fleeting

Bleary-eyed European ABS reporter George Smith returned for this week's episode of Another Fine Mezz after the birth of his first child three weeks ago.

However, there was no opportunity for him to ease himself in gently, as the European securitization market kicked into gear with a flurry of issuance.

In particular, prime UK RMBS continued its resurgence with Principality Building Society coming back to the fold.

European CLO primary is also getting hectic, although not quite to the same degree. However, Victoria Thiele points out that, while issuance might be picking up for now, terrible arbitrage is likely to mean that any window could be narrow.

Finally, with the podcast trio unable to "milk" George's fatherhood any more, as one market participant said to Victoria, the team looked for new areas of discussion.

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