More varied ABS supply for 2015 as Italy hits €6bn

By Tom Porter
11 Dec 2014

This year’s European ABS issuance volumes have only just crept above those of 2013, but there has been a greater variety of deals encouraged by tighter spreads and the resurgence of certain asset classes. Banca Popolare dell’Alto Adige’s resale of RMBS notes this week exemplifies a trend that is set to strengthen in 2015 as deal economics improve.

The Italian bank priced the €199m class 'A2' notes of the its previously retained Voba No.5 RMBS on Thursday at 70bp area over Euribor, having gathered around €250m of orders.

The sale will takes publicly distributed ABS from Italy in 2014 over €6bn, almost three times the 2013 ...

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