BayernLB stuns with everything-must-go sale

BayernLB managed to bring secondary ABS trading in Europe to an abrupt halt this week as dealers and investors awaited the sale of all €6.5bn of its remaining ABS portfolio. Once the dust had settled the German Landesbank said it had exceeded its price target, while ABS bankers scrambled for pricing details and suspected the trade may not have gone ahead without the ECB’s recent backing of the asset class.