UK master trust needed to re-open ABS market
As issuance in covered bonds gathers pace, market professionals say a big deal from one of UK master trust issuers would be the best thing to re-open the primary market for European ABS.
Two issues were pulled at the end of July West Bromwich Building Societys Kenrick RMBS and Santander Consumer Banks SC Germany auto ABS. But reviving these will depend on circumstances specific to them. Both issues probably received large pre-commitments, which were called into doubt by market volatility.
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