UK cars broaden European ABS
Four weeks into 2011 and European ABS has a new post-crisis asset class — UK auto loans. While the primary market last year leaned heavily on UK prime, Dutch prime, and German autos, there was no reason why a UK auto deal shouldn’t have worked. Lloyds Banking Group, always an innovative issuer, will follow FirstRand’s Turbo Finance deal with Cars 2011-1. But if the investor base in European ABS remains narrow, how will another asset class are when competing for the same scarce funds? Read EuroWeek on Friday for more.
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