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Whole business securitization called 'a coup' but doesn't reach $700m target
Fluvius, Kojamo and Affinity Water hold investor calls
Sandwich chain joins host of ABS issuers
There is no crock of equity gold at the end of the rainbow
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A refinancing plan for €4.5bn of debt for one of Europe’s largest multi-family CMBS looks set to win bondholder backing, Barclays ABS analysts said in research on Tuesday.
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European structured finance transactions rated by Fitch have incurred far fewer losses than their US counterparts, with only 0.1% of losses realised from $3.5tr of European deals, the rating agency said in research published this week. In contrast, US structured finance deals have realised losses of 2.4% from $5.49tr of issuance.
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HSH Nordbank has taken the unusual step of using a synthetic securitisation that frees up no regulatory capital at all. Instead, the credit protection provided by KfW on a portfolio of SME loans means they can now be used as collateral in HSH’s public sector Pfandbriefe — the bank’s most important source of term funding.
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Spreads for outstanding French auto ABS were unaffected by RCI Banque’s deal this week as pricing largely met traders’ expectations (see cover story for details). Elsewhere, prime paper on this week’s bid lists was digested, although investor focus continues to shift towards higher yielding opportunities, particularly from Italy.