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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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GMAC Bank has sold what might well be the last ABS of the year, a €400m preplaced German auto ABS.
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Standard Chartered has sold the $140m equity tranche in a $2bn corporate loan book, having increased the size of the underlying loan book from $1.5bn after getting more demand.
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ABS investors stood firm for RCI Banque’s Cars Alliance 2011, a German auto ABS, allowing lead managers Crédit Agricole and HSBC to place €800m — boosting the size from the announced minimum of €600m — despite worsening credit market conditions this week.
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Lloyds Banking Group said on Wednesday it would lend at least £12bn to British small and medium-sized enterprises, keeping net lending positive. But SME market experts have warned that such lending can be extremely costly without government support.
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Crédit Agricole and HSBC have opened books on RCI Banque’s Cars Alliance 2011-1 German auto ABS, offering €600m minimum of 1.4 year average life seniors at 100bp-115bp over one month Euribor.
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The two German auto deals in the pipeline could signal the end of ABS issuance for 2011, as buying interest dwindles ahead of the Christmas break. While the core asset classes in European ABS have been largely resistant to the sovereign turmoil, if no resolution is in sight, investors and dealers alike will be aiming to stay light for the last weeks of the year.