Grecale Italian SME securitization enjoys stellar demand

By Bill Thornhill, Sam Kerr
02 Nov 2017

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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