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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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Macquarie Leasing pitched its first-ever sterling securitisation tranche this week, approaching UK investors alongside domestic accounts with the latest transaction from its Smart programme.
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The primary market in arbitrage CLOs, long hamstrung by regulatory confusion when it seemed that risk retention rules designed for RMBS might apply also to CLOs, could be set for a comeback. New guidelines from the European Banking Authority might now have cleared the way for deals to return — but not until spreads start to line up.
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Moody’s has downgraded all classes of German Residential Asset Note Distributor (Grand), the largest CMBS deal in the European market, amid fears that it will be a struggle to refinance the €4.7bn issue.
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Leads HSBC, WestLB and VW Bank have set the spreads for VCL 14, the new auto lease ABS from Volkswagen.
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Having cash on hand in early 2009 served M&G’s ABS funds well. Like many investors active in the asset today, they gritted their teeth and held on as leverage washed out the system, to emerge as committed ABS evangelists. But unlike other ABS managers, M&G has been pushing the integrated approach, leavening credit portfolio returns with a sprinkle of asset-backed stardust. Owen Sanderson met Patrick Janssen and Richard Ryan to find out more.
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Fitch said on Friday that pub company and care homes securitisations will no longer be able to pick up triple-A ratings under its new methodology.