BNPP preps new retained deals
BNP Paribas has structured two French RMBS deals totalling €1.61bn, which will be retained – suggesting the bank is building its reserves of top-rated collateral. The French bank retained few ABS or covered bonds between 2007 and this year, with only one senior deal kept on the books, Phedina 2010.
Many European and UK banks opted to structure large volumes of RMBS and ABS to present for repo at the ECB or Bank of England in this period. Total volume of European ABS in 2008 was almost 700bn, the highest on record, and all of it was retained.There ...
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