Primary pricing leads secondary as Cartesian prints tight

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By Owen Sanderson
09 Sep 2020

Cartesian 5, the Dutch prime RMBS from Venn Partners, saw its senior tranche five times covered on Tuesday, driving a print through secondary levels and a possible move tighter across secondary markets for prime assets.

ABS deals executed this summer have largely been in semi-private format, with the sterling market leading the way — and giving few price points for euro-denominated, widely distributed prime transactions. With thin supply, spreads ground tighter, but with little visibility on the price for a primary deal.

“Coming into ...

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