Buyers unfazed by Obvion tightening as they buy €1.9bn in ‘ruined market’

Draghi 1388
By Tom Porter
12 Mar 2015

European ABS is now the very definition of an issuer’s market, according to some ABS bankers, who watched investors snap up nearly €2bn of Obvion RMBS on Thursday despite the lender pricing five year notes where it was pricing two years barely six months ago.

Lead managers Rabobank and Société Générale had over €2.3bn of interest on Thursday morning for the single tranche of 5.2 year senior notes on offer in Storm 2015-1, the first publicly sold Dutch RMBS of the year.

That was after sharpening the price from initial guidance of high ...

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