Servpro deal tightens as esoteric ABS continues to shine

Cat bond
By Jennifer Kang
17 Sep 2019

Servpro, a property restoration service, is on its way to price an inaugural whole-business securitization. As of Tuesday afternoon, the transaction was around seven times subscribed at 3.9% yield, sources familiar with the deal said.

“We are seeing pretty much every major investor in whole-business securitization show up for this transaction,” a person familiar with the deal said. “The investor count is approaching 50.”

Servpro’s first-ever ABS was upsized to $555m from $525m, and is expected to yield 3.9% for the single tranche on ...

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