Market moving BWICs hit ABS, Italians firm

The major ABS dealers were being kept busy preparing a single bids wanted in competition (BWIC) offering of around €3bn on Monday, which includes everything from CMBS to UK prime RMBS. Traders said the potential impact of the sale would keep many investors quiet in the next couple of sessions, but notes that Italian ABS was not coming under much pressure despite a poor showing from a number of issuers in the European stress tests.