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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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Volkswagen Financial Services has opened books on its VCL 15 issue, setting price guidance for the senior tranche at 55bp area over one month Euribor. If the deal prints at this level, it would be the tightest euro denominated auto ABS deal since the crisis.
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Center Parcs UK’s securitisation of its holiday resorts marks a fresh spurt of development for whole business securitisation, one of the hottest financial products of the late 1990s and 2000s, but one where innovation has slowed since the financial crisis.
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Clydesdale Bank’s privately placed Lanark 2012-1 RMBS was the extent of primary ABS issuance this week. Looking ahead, Barclays is set to launch its Gracechurch Cards deal next week, and Volkswagen has mandated for VCL 15 — its first euro issue of the year. But apart from these two market stalwarts, the pipeline remains light with some bankers blaming the strong covered bond market.
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Center Parcs UK’s securitisation of its holiday resorts on Friday marked a fresh spurt of development for whole business securitisation, one of the hottest financial products of the late 1990s and 2000s, but one where innovation has slowed since the financial crisis.
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The bond-style structure for Center Parcs’ whole business securitisation has proved a hit with investment grade and high yield investors, who piled into the issue this Friday.
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Whole business securitisations are back — and in the most bond-like form possible.