Obvion abandons two years as illiquidity inverts Dutch curve

By Tom Porter
05 Mar 2015

Capital market illiquidity is becoming an ever more important issue for European ABS issuers, with an inverted Dutch RMBS curve pushing Obvion to abandon the typical two and five year structure for its latest Storm deal.

The Rabobank-owned Dutch lender mandated Rabobank and Société Générale on Thursday for Storm 2015-1, which should be the first public Dutch RMBS of the year when launched next week and will only feature one offered tranche with a 5.2 year weighted average life.

The differential between Obvion’s two ...

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