Non-call risk intensifies as specialist lenders seek funding

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By Tom Brown
31 Mar 2020

Investors are increasingly focused on non-call risk in European securitizations, with specialist lenders in the firing line. Investors say roadshow conversations led them to believe that non-call risk would not be a feature of the post-2008 ABS market.

“I think a lot of shops have built their brand and reputation on saying that these deals will be called — and the market wrote them a free option in terms of not having to really pay for protection in these deals,” said one investor. “Those that do ...

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