Grecale Italian SME securitization enjoys stellar demand
Investors piled into Unipol Banca's Grecale 2017 SME ABS on Thursday which was heavily oversubscribed with a barely positive yield.
The €508.2m class ‘A’ notes, which were the only bonds on offer, were priced at a final spread of 34bp over three month Euribor and were 2.7 times subscribed. Three month Euribor is hovering around minus 0.331%, so the notes barely offer a positive yield.The order book ...
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