STS ‘starting to have effect we were hoping for,’ says Santander’s Gandy

By Tom Brown
25 Feb 2021

Securitizations with the ‘simple, transparent and standardised’ (STS) label have definitively started pricing better than non-STS deals for the first time since the framework’s launch in 2019, said Santander managing director Steve Gandy, speaking at Afme’s 12th Annual Spanish Capital Markets Virtual Conference.

Transactions with the label have been trading for some time, but in previous years panellists commented that there was no distinguishable difference in pricing between deals which had achieved the label and ones which had not, after accounting for the differences in asset classes.

The lack of obvious price ...

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