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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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Accustomed to years of triple-digit spreads, ABS investors now face a squeezed spread environment. Just how squeezed it has become was made clear this week by the latest auto ABS from RCI Banque, which priced a €700m deal at its tightest ever spread since the financial crisis — and its lowest ever all-in yield, writes Joe McDevitt.
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Moody’s would not have granted a triple-A rating to RBS’s recent non-performing loan CMBS, Isobel Finance No 1.
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Banque PSA has sold €450m of senior auto ABS bonds in a club deal, leaving other ABS investors to wait until next week to pick up French paper when RCI Banque is expected to come to market — although potentially at a much tighter spread.
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Olivier Khayat, deputy head of corporate and investment banking at UniCredit, is adding the global transaction banking remit to his portfolio on an interim basis.