Investors take control as euro ABS spreads move wider

European ABS issuance has had a bumper year so far, helped by rejuvenated CMBS supply that was largely absent over the past two years, banks looking to tap more RMBS funding as cheaper alternatives wind down, and a CLO market which shows no sign of slowing. With heavy supply flowing into the market, spreads have widened since mid-July, putting investors at the helm. Asad Ali reports.