UK master trust needed to re-open ABS market

01 Sep 2011

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 Society’s Kenrick RMBS and Santander Consumer Bank’s 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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