Demand increases for Sonia-linked ABS paper
Demand for Sonia-linked ABS issuance has jumped following a rapid switch-over last week, which saw the majority of the European securitization market move onto the new benchmark ahead of the replacement of Libor in 2021.
The latest Sonia deal to hit the European pipeline is a credit card ABS comprised of receivables originated by storecard lender NewDay. The €285m deal was priced on Tuesday afternoon via arrangers Citi and HSBC, with senior notes pricing at 128bp, in line with revised guidance.Updates ...
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