‘Opportunistic’ Iberian banks continue run of ABS buybacks
The stream of Iberian buybacks continued apace this week with three ABS tenders, each using a different auction method. Some liability-management bankers thought banks were simply taking advantage of the recent market selloff.
ABS buybacks have, on average, resulted in around 10% to 15% of outstanding bonds being bought back. But the relatively underwhelming participation has not dissuaded banks from continuing to announce ABS tenders."Its because of scale in most cases. These banks are doing trades or addressing pools that ...
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